Children Savings - a HRK savings deposit for children is agreed and made out to the child's name, but the contract is signed by a legal representative (parent) or custodian (a person appointed by the competent social welfare centre)
Minimum initial amount
- HRK 200.00; legal representatives (parents)/custodians or any person can make any subsequent payments in any amounts and any time at their discretion.
Payments can be made by standing order, Internet and mobile banking (PBZ 365 services) and other distribution channels.
Interest rates
It depends on the amount of savings deposit and maturity period and is arranged as a fixed.
Higher tier can be reached during the arranged period if additional payments are made into the deposit account. Since that date, which may be any date of the month, the interest is charged at a higher rate applicable to the corresponding maturity and deposit amount.
Effective interest rate
The effective interest rate for the agreed amount and maturity period will be calculated at the conclusion of the term-deposit contract and a Client receives the amortization schedule.
Premium
Upon expiry of the agreed period of the Children Savings Contract, the Bank pays a premium on the amount of interest earned.
Maturity period
- 6,12, 24, and 36 months – at a fixed interest rate
Payment of interest
Upon lapse of the agreed period.
Deposited funds are available prior to the expiry of the agreed period
Deposited funds are available prior to the expiry of the agreed period at the applicable agreed interest rate:
- if the term achieved is longer than half of the agreed term, as for saving deposits arranged for the period of 6 and 12 months,
- if the term achieved is longer than 12 months of the agreed term, as for saving deposits arranged for the period of 6 and 12 months.
In other cases of early termination of the Children Saving Contract, the interest rate is applied as for at sight deposits, taking into account possible changes in the rates of interest on at sight deposits during the agreed period.
In the event of early termination of the Children Savings Contract, the Client is not entitled to a premium.
Availability of deposited funds that are made out to the child's name
Without approval of the competent social welfare centres, parent (legal representatives) are entitled to withdraw the funds in the monthly amount not exceeding HRK 10.000,00 (according to the opinion of the competent Ministry of Social Policy and Youth).
Custodians may withdraw the funds solely based on the decision of the competent social welfare centre.
Rolling over
The Children Savings Contract cannot be automatically renewed.
All additional information on loans is available at the toll free number 0800 365 365.