From “Sparefroh saving” to “Pocket-money saving”
It is difficult for children to understand money and its value. Erste Bank advises parents to adopt a playful, hands-on approach to teach their children how to handle Euros and associated financial desires carefully from an early age. Erste Bank also has special products for young Sparefrohs, offering the “3% Sparefroh saving” for those under ten. Savings of up to 500 Euros earn a fixed interest of 3% p.a. Credits over 500 Euros or after the child has turned ten yield interest of 0.125% p.a. The “Pocket-money saving” option is recommended for 10 to 14-year-olds, and revolves around the idea of encouraging children to take responsibility for handling money. This product also earns a fixed bonus interest of 1.5% p.a. for credit up to 500 Euros, and 0.125% p.a. for credit over 500 Euros or once the child has turned 14. The credit is available at all times for both products.
Both the “3% Sparefroh saving” and the “Pocket-money saving” are available in a bonus package with an s Bausparen building savings scheme and/or the s Lebens Plan (pension plan) with a bonus of up to 45 Euros.