With International Thrift Day being observed on the 31st of October each year, it is important to remind everyone about the importance of saving for a bright future. However, to get the most out of your savings, you also need an account that generates a handsome return on your savings whilst providing you with the flexibility you need. That is why we decided to learn more about Nations Max Bonus savings accounts, a best-in-class savings product that provides up to 60% bonus interest each month.
We sat down with Nations Trust Bank’s Senior Vice President – Branch Network, Mr. Sheahan Daniel, as he spoke about the Nations Max Bonus Savings Account and why it is the best choice for a high yielding, flexible and accessible savings account.
What is the Nations Max Bonus Savings Account?
It is a special savings account that provides valuable benefits including a bonus interest on a customer’s savings account balance, every month. The Max Bonus Savings Account also provides special benefits such as a free life cover and critical illness cover.
Who is the Max Bonus Savings Account targeted at?
Max Bonus is the ideal account for the people who want to save for a rainy day. The primary objective of Max Bonus savings account is to act as a savings buffer during periods of adversity and it’s important to note that it offers a reasonable rate of return over the long term.
What are the Major Benefits of Nations Max Bonus?
The primary benefit is that you can obtain up to a 60% bonus on your interest earnings every month, over and above the base rate. So, for example, if your interest this month is LKR 1,000/- and you meet the requirements for a 60% bonus, you will receive a total interest earning of LKR 1,600/-. As you can see, this alone is an extremely powerful tool!
In addition to this, the accountholder will also receive a free life insurance cover of LKR 100,000/- up to age 70 along with a free critical insurance cover of LKR 25,000/- each year up to age 60. Both covers automatically become active after one month of opening the account and accountholders will only need to maintain LKR 10,000/- in their accounts to continue to enjoy this benefit.
Each accountholder is also entitled to a Nations Shopping Debit Card along with free access to Internet Banking and Mobile Banking. SMS alerts on all transactions are sent and the accountholder can opt to receive a bank statement or a savings account passbook.
You mentioned flexibility earlier. What is this flexibility?
Unlike other high yielding savings account, Nations MaxBonus is very flexible and allows you to always have access to your funds. Accountholders can make up to one withdrawal each month without affecting their interest bonus.
Each accountholder also enjoys the benefit of a overdraft facility in-line with their MaxBonus savings account balance so that funds can easily be accessed for emergencies.