The Bank of Maldives (BML) has announced changes to its Kids’ Saver accounts with an increase in rate to 3 percent profit on MVR accounts and 3.5 percent profit on USD accounts.

BML also announced a new promotion to offer prizes for both existing and new Kids’ Saver accounts.

Prizes offered:

• Grand Prize for 5 lucky winners: MVR 10,000 each
• Annual Rewards: MVR 2,500 for 20 active accounts

BML's Deputy CEO and In-charge of the Bank, Aishath Noordeen said the enhanced rates and exciting rewards encourage saving for the future and that the bank believes in equipping future generations with essential financial skills to save and spend wisely.

"From today, with each new Kids’ Saver Account, parents can also request for a free reloadable Mastercard Prepaid card. This card can be topped up and used for everyday purchases, paving the way to help kids learn the essentials of budgeting and spending wisely," she said.

BML said the new interest rate for Kids’ Saver account and profit rate for BML Islamic Kids’ Saver account are applicable for new and existing accounts.