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 customers 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 plc as trustee.

HSBC’s Trust Account allows customers to deposit additional funds whenever they wish 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 Lm5,000 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. It 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 can be used for the benefit of the beneficiary without the need for a court order or consent from anyone else.

“At HSBC we are always working towards introducing to the market new and innovative products in order to meet our customers’ needs,” said HSBC deputy head of Trust Services Jan Sammut. “This account will attract principally two types of customers, those who are looking for a safe and convenient home for their cash savings while earning a good rate of return, and those who would like the assurance of knowing that their loved ones will receive their share without enduring succession proceedings, which is normally a cause for delays and potential complications.”

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