Saving silver fleet for your child, with SNS or Regiobank, will become a lot less interesting from 1 November. Instead of a maximum of 10 percent bonus interest, children of parents or grandparents who open a Zilvervloot account from November will receive a maximum of 1 percent bonus interest on their 18th birthday. So a significant reduction. “We can safely say that ‘saving the old-fashioned silver fleet’ as an alternative to saving for your child has been written off,” says expert Amanda Bulthuis of financial comparison site Geld.nl.
Saving for a child yields less and less
Interest rates for children’s savings have also fallen sharply in recent years. At most banks you only get 0.10 to 0.15 percent interest on a children’s savings account. Due to the low interest rates on savings, the Savings Fleet was a relatively attractive alternative. After all, you could still get a maximum of 10 percent return on your child’s 18th birthday. Because you can save a maximum of 600 euros each year, you could save a maximum of 10,800 euros for your child up to the 18th birthday, with a bonus of 1,080 euros on top of that. But that extra is now reduced to just 1 percent. This means that your child will receive a maximum of 108 euros as a gift.
SNS Bank indicates that it had to take this step because of the persistently low interest rates. “We believe that saving is seen by young people as an important element in learning to use money consciously and responsibly. The Silver Fleet fits into this. However, given the continuing historically low interest rate environment in the current savings market, we are forced to take this step,” explains a spokesperson.
Saving for child further discouraged
Geld.nl, however, thinks it is a bad development that saving for children is being encouraged less and less. “Saving for your child is really important, especially now that children cannot automatically fall back on student finance or easily buy a first house later on,” says Bulthuis. “We hear more and more that parents are considering investing. That is of course not ideal. You don’t really want to speculate with the savings for your child’s study or the first house. Suppose the profits are disappointing, then you will be left empty-handed.”
‘Old-fashioned silver fleet savings written off’ | Look at news
Source link ‘Old-fashioned silver fleet savings written off’ | Look at news