APS Bank has launched a new savings account aimed at children aged up to 12 years. The account, a deposit only account, will be held in the name of the child and may be opened by any one parent or both, a grandparent, legal guardian or recognised third parties, being the administrators/custodians of the account.

The account, which bears a highly attractive interest rate, also includes a free life assurance cover whose beneficiary will be the child.

In launching the product, bank CEO Edward Cachia said that “apart from offering various medium to long term benefits, the First Coin is primarily aimed at instilling a more appreciative approach towards the value of money at a very early stage in the human life cycle.”

For more information contact the bank’s Customer Support Centre on tel. no. 2122-6644 or by email on [email protected].