Bank of Valletta has launched a new deposit product – the BOV Trust Account. This is an innovative deposit account that is based on the concept of a Trust. As such, apart from providing customers with the highest degree of discretion and confidentiality, the BOV Trust Account also doubles up as a very flexible and useful estate and inheritance planning
vehicle.
“By opening a BOV Trust Account, customers will not only be ensuring that their money is in safe hands but will also be benefiting from the most exacting standards in terms of discretion and confidentiality,” BOV Trustee Services Unit head Paul Gauci.
“Discretion and confidentiality are key features that result from having the account opened in the name of the bank that acts as trustee and is responsible for holding the funds for the benefit of the named beneficiaries selected by the depositor (the settlor),” explained BOV Trustee Services Unit legal advisor Dr Andrew Chetcuti Ganado. “Unlike any other bank account, upon the settlor’s death, the designated beneficiary/beneficiaries of the BOV Trust Account will have immediate access to the funds in the account. As a result, this account is ideal for avoiding any formal, lengthy and cumbersome succession procedures,” he added.
Dr Chetcuti Ganado further explained that, unlike a will which is, effectively, a public document, the BOV Trust Account ensures that upon the settlor’s death, nobody needs to know who the designated beneficiaries are and to how much each beneficiary is entitled. He concluded that Malta is rapidly establishing itself as a centre for trust administration, and BOV is clearly at the forefront of this growth.
Customers can effect deposits and withdraw from the BOV Trust Account and even change the designated beneficiary at any time without any complexities. Withdrawals are subject to a 90-day notice period. Interest will be paid once a year and currently amounts to 3.75 per cent gross per annum.
Designated beneficiaries of a BOV Trust Account may include the depositor/s himself/themselves, the surviving spouse, children, grandchildren, parents and grandparents, nephews and nieces, siblings, partners who jointly settle and Maltese charitable institutions as defined by the Trusts and Trustees Act.
The new Trust Account is the latest addition to a range of deposit opportunities in both Maltese lira and euro offered by Bank of Valletta plc.
Further information about the BOV Trust Account is available on www.bov.com, from any BOV branch or by calling the BOV Customer Service Centre on 2131-2020.