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Millennium Bank clients can save their children`s allowance in a savings account with 5% annual interest rate

Millennium Bank clients can save their children`s allowance in a savings account with 5% annual interest rate

Millennium Bank clients can now save their children’s monthly allowance in May You Grow Up savings account in lei, that provides an annual interest rate of 5%. The bank lowered the minimum amount to be saved monthly from 50 to 42 lei, to match the children’s allowance amount, and eliminated the minimum amount for the savings account opening. Thus, parents can save money for their children in a more convenient way until the latter turn 18, which is the moment when the savings account reaches maturity.

The monthly deposits in the savings account are made through programmed automatic transfers directly from the parents’ current account, in an amount and at a date at their choice. In addition to this, May You Grow Up account allows supplementary deposits at any time and without amount limitations. The interest is paid every six months and capitalized in the saving account.

The account is opened by the both parents, if the child is under 14 years old, or by the child together with the parents, if the child is at least 14 years old. Clients benefit from free account opening and administration fees.

In addition, Millennium Bank offers parents the possibility to receive their children’s state allowance in a current account opened with the bank.

The legal beneficiaries only need to send to the County Agency for Payments and Social Inspection the request for transferring the amounts at Millennium Bank and the money will be received directly in their accounts every month. This service is free of charge and is available for clients living in Bucharest and Argeş, Bacău, Bihor, Braşov, Cluj, Constanţa, Iaşi, Mureş, Prahova, Sibiu, Suceava, Timişoara and Vâlcea counties.

Millennium Bank, part of the leading financial private group in Portugal, Millennium bcp, started its activity on the Romanian market on October 11, 2007, by simultaneously opening 39 branches in Bucharest and in other eight cities of the country. The bank addresses both individuals and companies, through an extensive range of products.

Millennium bcp is Portugal`s biggest private-owned bank and holds a prominent position in the financial market in Portugal – both in terms of market share and distribution network. It is also a reference institution in Europe and Africa, through its banking operations in Poland, Greece, Mozambique, Angola, Romania and Switzerland. All these operations trade under the Millennium brand.
Founded in 1985, Millennium bcp registered, at the end of March 2013, total assets worth EUR 90 billion. The group is included in key national and international stock market indices, in particular the Euronext PSI Financial Services, PSI-20, DJ Eurostoxx banks, Bebanks and Euronext 100, of the Lisbon, Paris, Brussels and Amsterdam Stock Exchanges.

Millennium bcp group has a network of 1,700 units and a total of more than 20,000 employees.

The financial group provides a wide range of products and services, namely savings, investment, mortgage loans, consumer credit, commercial banking, leasing, factoring, insurance, investment banking, private banking and asset management, serving its customers on a segmented basis. Emphasis is given to the Internet Banking service, which has been distinguished in Europe for its quality and innovation.

Millennium bcp's focus is on the creation of value in markets selected on the basis of a controlled risk profile and high growth potential, to sustain its internationally-recognized service excellence and innovation in financial products.


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