The standard terms and conditions of the children’s deposit agreement are set to change from 1 January 2025

We would like to let you know that changes to the standard terms and conditions of the children’s deposit agreement as well as the interest rate on the children’s deposit will be coming into effect on 1 January 2025.

The main changes are as follows:

• in the future, the bank will pay bonus interest amounting to €50 after withholding income tax;
• there will no longer be any requirements for minimum payments and no restrictions on the payment of interest once the deposit exceeds a certain threshold;
• we clarified that it is possible to apply for withdrawal from the deposit account on the depositor’s anniversary month of turning 7, 10 and/or 15 years old only up to the amount of the cash contributions made to the deposit account, which means that it is not possible to apply for the withdrawal of interest (including bonus interest);
• we updated the wording of the standard terms and conditions to make them easier to understand;
• the annual interest rate on the children’s deposit will be 3.1% from 1 January 2025.

Clients who do not agree to the changes can terminate their agreement prior to 31 December 2024. If they have not notified us of their wish to do so by that date, this will be considered by the bank as them having agreed to the changes.

The new terms and conditions can be reviewed here.