Having savings set for the future or for a rainy day, means security and safety, while other important reasons for saving money have more to do just with the practical aspect of trying to plan ahead for major needs such as buying a house.
In Papua New Guinea we all know there are often many unforseen reasons, such as bride price, funerals, weddings and other family obligations, as is termed. And there are even smaller needs such as sending your vehicle in for service, vehicle registration, water bills, and so forth.
It is wiser to have a savings, as opposed to trying to borrow or scrape money together when a need arises. Saving money is important for these types of situations.
Saving money is important for planning for long term goals. Almost every parent would like to see their children go to university or technical college, for example. Start saving now and you will not be constrained when the time arrives.
Saving money is an important part of providing for your child or childrens education. Education is not the only area that parents should save for, in regard to their children. You may also save for your child's wedding, 21st birthday, even his or her first car. You think about it.
The bottom line is having savings for that need, whether immediate or long term. At BSP, we understand your needs and we have products that are best suited for your savings and investment needs.
For the personal banking or retail customer, here are some account options:
- Kundu Plus Saver
- Kids Savings Account
- Term Deposit
The Plus Saver is the savings option for our personal banking customers, who have funds to save and want to earn interest on top. It is a secondary account therefore customers must first have a Kundu Account in order to open this savings product.
The product is designed to encourage a savings culture, hence there is no card attached for withdrawals, no minimum balance required, fee free deposits into the account and comes with a four tiered interest plan. The account can be opened with an initial deposit of only K10.00.
You can conveniently access your funds using our electronic banking channels - Mobile and Internet banking, Telephone Banking as well as on the BSP Mobile banking App.
Kids Savings Account
Kids Savings Account is specially designed to allow parents and children to save. The account can be opened by a child or by the parent/guardian of a child who is too young or not confident to open their account.
It has a tiered interest plan where interest is paid monthly to the account at a balance of K10.00 or more. A child at the age of 15 years or below is eligible to open this account.
The account is also restricted from withdrawals during the year, except for the months of December and January. However, deposits can be made anytime via mobile banking, internet banking or at any of our branch/agent locations.
The BSP Term Deposit is an investment account for customers who want to save for a future goal or for those that have funds and want to gain a higher rate of interest.
This product is available to both individuals and business customers. The Term Deposit account is beneficial when you are planning for your financial goals.
Customers can start investing from a minimum investment amount of K5, 000. For amounts that are K100, 000 or more, interest rates are negotiable.
For more information and rates, please visit our website: www.bsp.com.pg/Personal/Retail-Banking/Accounts/Savings-Accounts