APS Bank launched a new savings account for children aged up to 12 years.

The account, which is a ‘deposit only’ account will be held in the name of the child and can be opened by any one parent or both parents, grandparent, legal guardian or recognised third parties, who will be the administrators/ custodians of the account.

The account, which has a highly attractive interest rate, also includes a free “life assurance” cover, the beneficiary of which will be the child.

Launching this product, the bank’s CEO, Edward Cachia, said, “Apart from offering various medium to long term benefits, 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.”

“Children need to know that money should be seen within a spending, saving and sharing context. To enable us to promote this concept the bank has created a couple of child-oriented characters, Gemma and Gemmu, who, hopefully, in the near future should become popular figures with Maltese children. Also, all account holders will become members of the First Coin Club, which aims at promoting in a cheerful, playful and interactive manner the value of money and what it can be legitimately used for,” Mr Cachia concluded.