Millennium Bank clients can save their children's allowance in a savings account with 5% annual interest rate

Millennium Bank clients can now save their children's monthly allowance in May You Grow Up savings account in lei, that provides an annual interest rate of 5%. The bank lowered the minimum amount to be saved monthly from 50 to 42 lei, to match the children's allowance amount, and eliminated the minimum amount for the savings account opening. Thus, parents can save money for their children in a more convenient way until the latter turn 18, which is the moment when the savings account reaches maturity.

The monthly deposits in the savings account are made through programmed automatic transfers directly from the parents' current account, in an amount and at a date at their choice. In addition to this, May You Grow Up account allows supplementary deposits at any time and without amount limitations. The interest is paid every six months and capitalized in the saving account.

The account is opened by the both parents, if the child is under 14 years old, or by the child together with the parents, if the child is at least 14 years old. Clients benefit from free account opening and administration fees. 

In addition, Millennium Bank offers parents the possibility to receive their children's state allowance in a current account opened with the bank. The legal beneficiaries only need to send to the County Agency for Payments and Social Inspection the request for transferring the amounts at Millennium Bank and the money will be received directly in their accounts every month. This service is free of charge and is available for clients living in Bucharest and Arges, Bacau, Bihor, Brasov, Cluj, Constanta, Iasi, Mures, Prahova, Sibiu, Suceava, Timisoara and Valcea counties.