From February 2011 Rietumu offers a new
savings program “Oxford”, allowing to save money for your children’s education and their first steps in adult life.
Rietumu’s «Oxford» savings account can be opened anytime starting from the child’s birth until the age of 18, and it can be replenished hereafter at the parents’ discretion. This is a long-term savings program with maximum maturity of 18 year; the only restriction is the opening moment.
The accumulated funds along with the accrued interest will be paid off to your child at the moment of his/her coming of age, these savings could be further allocated for educational purposes, obtaining real estate, or starting-up a new business etc.
«Our new savings program «Oxford» provides Rietumu’s customers with the opportunity to see about the future of one’s children in good time and ensure that by the moment they enter the adult life, they will receive financial resources and for you there will be no need to allocate considerable lump sum figures from your budget. Considering the favourable conditions of this offer and attractive interest rates, I am convinced that «Oxford» is going to become one of the most popular savings programs», says Vadim Alekseyev, the marketing vice president of Rietumu.
It is important to note that «Oxford» savings account is opened in the name of your child and until his/her coming of age nobody can access the funds held on this account. Unlike legal practice in other countries, under certain circumstances, when the need arises to use these funds for your child’s benefit ahead of schedule, the permission of the wardship authorities should be granted as stipulated by laws and regulations of the Republic of Latvia, in such a way the rights of your child are fully protected. The accrued interest will be paid out in full without any additional charges.
The interest rate on «Oxford» is determined at the moment of account opening and is fixed for the whole period of the deposit, thus ensuring that it will remain unchanged even despite negative market conditions.
The interest on «Oxford» is paid out at maturity. «Oxford» savings account can be opened in euros or dollars with the minimal initial contribution – 5000 EUR/USD. Single installment amount – from 500 EUR/USD.
«Oxford» savings account can be opened by parents or foster parents of a child.
In line with laws and regulations of the Republic of Latvia, all holders of deposits – both residents and non-residents of Latvia – come under deposit insurance scheme with maximum coverage of 100 000 EUR, or in cases below this limit – the entire deposited amount is covered.
Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail:
egailisha@rietumu.lv
