Teen Plus

Available only for Existing 'First Coin' Account customers.

Teen Plus is an account made specifically for teenagers aged between 13 and 18 years to provide a short to medium term savings proposition in their formative years. We recognise that there is a major difference between a 13 year old child and an 18 year old one, so we have designed this product to change according to the specific age of the account holder.

Age 13-16 Savings Account

Age 16-18 Teen Plus Access Account

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  • Unless funds are totally withdrawn by the administrator before the teenager reaches the age of 16 the latter will be formally informed by the Bank of the option of opening a Teen Plus Access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.

 

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APS Bank plc is licensed to undertake the Business of Banking and to conduct Investment Services business by the Malta Financial Services Authority and is enrolled in Tied Insurance Intermediaries List under the Insurance Intermediaries Act 2006