HSBC Malta has launched a new and innovative concept, namely the HSBC Trust Account. This notice account, based on the concept of a trust, gives one the opportunity to have a deposit account with flexibility, a great rate of interest and high confidentiality since the account is opened directly in the name of HSBC Bank Malta as trustee.

HSBC’s Trust Account allows customers to deposit additional funds whenever one wishes and to withdraw, subject to a 90-day notice, without upsetting the account or losing any credit interest. The account can be opened with a minimum of Lm5000 and will be converted to euro on 1 January 2008 (subject to Malta adopting the euro as its national currency on that date). Moreover, the account attracts a current interest rate of 3.75 per cent per annum.

The account doubles as a substitute for a Will since, on one’s death, the balance will be handed out to designated beneficiaries. This account can also be designated to a minor and will immediately form part of the minor’s estate. Beneficiaries can be changed at any time during a person’s lifetime. Furthermore, funds from the account may be used for the benefit of the beneficiary without the need for a court order or consent from anyone else.

More information about HSBC’s Trust Account can be obtained by calling the specially dedicated Trust Helpline on 2380 8888, by logging on to the bank’s website hsbc.com.mt or from any HSBC Bank Malta branch in Malta and Gozo.