Teen Plus is an account aimed at teenagers aged between 13 and 18 years (the account holders). The main objective of the account is to serve as a short to medium term savings proposition with added benefits, including life cover for the benefit of the account holders, as well as, restricted accessibility features.
Teen Plus consists of two types of accounts offered to teenagers depending on defined age brackets, namely:
Teen Plus Savings Account which aims at encouraging savings for the benefit of the teenager, whilst, concurrently, where applicable, enjoying an element of protection by means of an insurance-linked feature
Teen Plus Access Account which aims at enabling the account holder to use funds available on the account for basic needs (day to day requirements)
Teen Plus Savings Account (for teenagers aged between 13 and 18 years)
The account is a ‘deposit only’ account
Interest is paid annually and is credited to the account at the end of each year
Until the teenager reaches 16 years of age the account can be opened by any one parent or both parents, grandparents, legal guardian or any other close relative (uncle or aunt), hereinafter being referred to as the administrator of the account. If the teenager is already 16 years old, the account may be opened by the same teenager
Free ‘life assurance’ on the life of the administrator will be provided until such time as the teenager reaches 16 years of age. Until the teenager’s 16th birthday, the account holder will be the beneficiary of the ‘life assurance’ cover. The Bank will double the average balance on the account in the twelve months preceding the demise of the administrator (capped at a maximum of €12,000). ‘Life assurance’ will be valid until the account is closed or the account holder reaches 16 years of age, or else the administrator reaches the age of 55, whichever is the earlier (certain conditions apply)
The administrator has the possibility to withdraw the funds accumulated on the Teen Plus Savings Account within three months before the account holder’s 16th birthday
If the funds are kept on a Teen Plus Savings Account after the account holder’s 16th birthday, the teenager will become the administrator of the account and he/she will have the option to open a Teen Plus Access Account
Upon attaining 16 years of age an account holder who is in possession of a Teen Plus Savings Account has the onetime possibility to transfer a maximum of 30% of the accumulated balance to the Teen Plus Access Account. No further withdrawals are allowed until the account holder’s 18th birthday
Teen Plus Access Account (for teenagers aged between 16 and 18 years)
Deposits are allowed
Only the account holder may withdraw funds from account
Interest is paid annually and is credited to the account at the end of each year
Use of a Free APS Bank Premier Card to make deposits, withdrawals or obtain account information at any ATM 24/7
Free Banking – i.e. free standing orders, free issue of bills payable, free direct credit of stipend/salary
In order to open a Teen Plus Account the following conditions apply:
If funds are being transferred from a First Coin Account, no further details on account holder and administrator are required
In the case where a Teen Plus Account (for teenagers between the age of 13 and 16) is being opened by a new customer, the Bank requires (a) ID Card of the administrator and (b) Birth certificate/ID card of the account holder
In the case where a Teen Plus Account (for teenagers between the age of 16 and 18) is being opened by a new customer, the Bank requires the account holder’s ID Card
Unless otherwise agreed between the account holder (from age 16 onwards) and the Bank, final withholding tax is deducted on interest earned on both Teen Plus Savings and the Teen Plus Access Accounts
Unless funds are totally withdrawn by the administrator before the teenager attains the age of 16 the latter will be formally informed by the Bank of the option of opening a Teen Plus Access Account and that he/she can apportion funds available between the Teen Plus Savings Account and the Teen Plus Access Account
Minimum opening deposit amount is €25 for a Teen Plus Savings Account and €100 for a Teen Plus Access Account
Upon the account holder’s 18th birthday both the Teen Plus Savings and Teen Plus Access Accounts will be closed and proceeds transferred to a normal savings account, unless otherwise instructed
The Bank should be formally notified within six months of the demise, including a formal certification of death of the administrator. Any life assurance proceeds will be paid into the account holder’s Teen Plus Savings Account
Terms and Conditions/Termini u Kundizzjonijiet
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