Alinma Bank Introduces First of Its Kind “Family Account”

Alinma Bank has launched its new Family Account for bank partners (customers), a first of its kind product that facilitates the efficient management of household finances. With the Family Account, primary accountholders can create subaccounts for their immediate family members and can then manage the balances, spending limits and authorizations related to those accounts.  All of this can be executed directly through the bank’s Alinma Internet service, including the account opening process, without the need to visit an Alinma Bank branch.  No fees are assessed for opening a Family Account.

Additionally, primary accountholders can choose to open either current or savings accounts for their family members and can issue Alinma Mada cards for those accounts, which can be printed directly at selected Alinma ATMs, without the need to visit the branch.  The Family Account provides the option to access the full array of account functionality including transfers and online account management, depending on the privileges designated by the primary accountholder.

Speaking about the launch of the Family Account, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares said that new offering was designed to better empower bank partners in the management of their finances while encouraging saving and prudent financial planning.  He also emphasized the educational impact of the Family Account for partners under the age of 18, helping them to develop financial literacy.  Al-Fares also noted the convenience of the Family Account through the comprehensive online management features that it provides.

Alinma Bank has taken the lead in providing innovative financial solutions for its partners and in aligning itself with the objectives of Saudi Arabia’s Vision 2030 initiative.  Toward that end, the Family Account and the bank’s Education Financing product address social needs related to the financial lives of citizens and expatriates in the kingdom.  Education Financing in particular helps partners with the payment of education fees and expenses incurred annually by allowing them to pay those costs up front with no administrative fees assessed by the bank for the service. Alinma Bank serves its partners though a network of 137 branches for men and women and 1,348 ATMs across the kingdom as well as through its comprehensive electronic channel services.