Union Bank introduces new ‘Kidz Saver’ account

Union Bank re-launched its children’s savings proposition recently, with a view to encourage parents to save for a secure future for their little ones.  The all new ‘Union Bank Kidz Saver’ is designed to incentivize children with a range of attractive gifts while rewarding the commitment of their parents with a higher return on the savings balances.  

Union Bank Kidz Saver comes with a tiered gift structure which is based on the savings balance maintained. The concept is expected to encourage account holders to save more and earn greater interest while also getting rewarded with a better gift at each of the predefined savings balance thresholds.  Every Union Bank Kidz Account opened with Rs.1000 to Rs.4,999/- will be rewarded with a soft toy or a LED lit Yo-Yo as an introductory gift; and as the savings balance increases, the gifts will continue to increase in value. Wristwatches, school bags, handy FM Radios, remote controlled toy helicopters, scootys, drone copters, mountain bicycles, tabs, and digital cameras are amongst other gifts on offer. 

Commenting on the new savings proposition, Vice President-Retail Banking at Union Bank  Chaya Jayawardena said, “The Union Bank Kidz Saver account invites children to enter into a magical world of gifts and rewards as we seek to encourage parents to save for their future and enjoy greater returns on their investment. Securing a sound financial footing for their children is every parents dream, and with the Union Bank KidzSaver we aim to help them fulfil their savings goals for their children; while rewarding their efforts with an attractive interest rate coupled with a fascinating range of gifts for the little ones.  We hope the new savings proposition will encourage a long-term savings orientation amongst our clients while supporting the economy by boosting the much needed savings build-up of the nation.”

A Union Bank Kidz Saver account can be opened at any one of the Union Bank branches island-wide. More information on the product can be obtained via the Bank’s 24 hour contact centre by dialling 0115 800 800 or by visiting the bank’s website at www.unionb.com. 

Union Bank is one of Sri Lanka’s leading banks supported by the strength of TPG, the US based global private investment firm with over US$70 billion in capital under management and an extensive global network with a significant presence in Asia and Europe. TPG’s investment of US$117 million in Union Bank marked a milestone in the financial services industry as one the largest foreign direct investments to Sri Lanka. With a solid foundation etched with financial stability and international know-how, Union Bank is amongst the highest capitalised private commercial banks in Sri Lanka, offering a full range of products and services to the personal and commercial financial sectors.