14 February 2016

Ahlibank, a leading Qatari owned financial institution, has launched the Junior Savings Account, to make savings fun and allow parents to invest for their child's future and help turn their dreams into reality.


The Account is available to anyone under the age of 18 and provides a high rate of return, plus a bonus rate to incentivise monthly payments, but still enjoy instant access to the savings at any time. Ahlibank also provides a Junior branded Debit Card in the name of the child.

Ahlibank's Deputy CEO - Retail Banking, Andrew McKechnie said: 'The Junior Savings Account is a product designed specifically to meet the long term savings needs of the emerging youth market, which we see as currently underserved in the Qatar market. We recognised the need for parents to invest in their children's future and have developed a unique product proposition that is available for every child under 18. The Junior Savings Account pays a high interest rate of 1.70% p.a. on monthly average balances of QAR 5,000 and above. In addition, to encourage and reward regular monthly savings, customers can earn an additional bonus rate of 0.25% p.a. when the monthly average balance increases by QAR 2,000 over the previous month. Interest is accrued on the basis of the monthly average balance in Junior Savings Account, and is credited at the end of every month.'​​

Andrew McKechnie added: 'The Junior Savings Account also comes with a Junior branded Debit Card in the name of the child, which can be used in any ATM to provide instant access to savings or for purchases at any retailer displaying the VISA logo, including online, both inside and outside Qatar. As a special launch offer, we are also providing the first 250 accounts opened, a Jarrir Bookstore voucher as a welcome gift. Finally, in the coming months, we will make further enhancements to the Junior Savings Account as part of our ongoing commitment to provide the most personal banking experience.'

Hassan Alfrangi, Head of Retail Banking Services added: 'With our mission to provide the right products for individuals in our community, the Junior Savings Account was developed to meet the savings needs of the youth in Qatar. Our teams, specifically designed the Junior Savings Account to focus on the needs of both parents and their children, with the opportunity to earn up to 1.95% p.a., instant account access, a Free Junior branded Debit Card in the child's name and a welcome gift at account opening. The Junior Savings Account is the perfect solution for parents to start saving and planning for their child's future.'

To learn more about Junior Savings Account, visit any of the 16 Ahlibank branches located across the country, call our 24/7 contact centre on 4420 5222

Al Ahli Bank QSC issued this content on 14 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 February 2016 13:55:05 UTC

Original Document: http://www.ahlibank.com.qa/en/media-center/news-press-releases/ahlibank-launches-the-junior-savings-account-paying-up-to-195-pa