For the first time in Saudi Arabia, Alinma Bank has introduced a savings service tailored specifically for minor youths in the kingdom. With its new “Kids Savings” service, Alinma innovatively and effectively contributes to Vision 2030 as well as the Financial Sector Development Program 2020 pillar of “enhancing and enabling financial planning.” Through such initiatives sustainable demand for savings plans can be supported, with the ultimate goal of raising personal savings from the current level of 6% of earnings to 10%. Alinma’s Kids Savings service, then, teaches financial literacy in a way that will encourage saving and other responsible financial behaviors that will support these worthwhile goals.
On this occasion, Alinma Bank CEO, H.E. Mr. Abdulmohsen Fares, said that the new service was part of the bank’s ongoing effort to consistently address the ever-changing landscape of partner needs and economic realities in the kingdom with innovative solutions. He further noted that Kids Savings would help spread a culture of saving across the kingdom through experiential learning that will inculcate responsible financial behaviors at an early age and maintain awareness about the importance of saving for future generations.
With Kids Savings, parents who have enrolled in Alinma’s popular Family Account program, can open Kids Savings account for their children. Parents are then able to designate daily, weekly, or monthly savings targets that the children work achieve by monitoring their own spending habits. Parents are also able to set incentive contributions that are automatically deposited in their children’s accounts at the end of each successful month of saving.
Kids Savings accounts can be opened online with no need to visit an Alinma branch location, and can be subsequently managed via the bank’s convenient self-service channels, allowing parents to generate account statements and to monitor account activity. Parents also are able to issue Alinma mada cards for their children, limits for which can be easily managed through the same self-service channels. The service has no fees or charges.