Smart Teen Savings Account

The first steps towards financial independence start with Smart Savings:

With a Smart Teen savings account, teenagers aged between 14 and 18 can easily and conveniently set aside funds, plan their future goals, track their savings and manage their money directly via the My Fibank mobile app.

The Smart Teen savings account can be opened by young people aged between 14 and 18 who are participating in the “MyFirst Bank for Children and Teenagers” programme and who have:

• a current account with a   Visa Debit or Debit MasterCard teen card
• access to the My Fibank mobile app

Benefits of the Smart Teen savings account:

• 1% annual interest on the balance in the savings account – with no minimum balance requirement and no limits on additional deposits;
• Accrued interest is paid out at the end of each calendar year or upon closure of the account;
• An easy and convenient way to transfer funds at any time from your teenager’s current account to their savings account and back again directly via My Fibank – with no fees.

Further information:

• To open a Smart Teen savings account, the account holder must have a current account in their name with a Visa Debit / Debit MasterCard teen card, as well as access to the My Fibank mobile app under the terms of MyFirst Bank for Children and Teenagers programme, in accordance with the General Terms and Conditions of First Investment Bank AD for electronic banking „ My
• The Smart Teen savings account can be opened via the My Fibank mobile app or at a bank office by the minor account holder (aged between 14 and 18) with the consent of one of their parents or legal guardians.
• Intra-bank transfers to and from the savings account are carried out by the teenager via the My Fibank mobile app, from and to their current account linked to a Visa Debit / Debit MasterCard teen card. The teenager is given the option to set savings goals, as well as to set up regular transfers from their current account to their savings account. All other transactions involving funds from the savings account, other than intra-bank transfers via the My Fibank mobile app between the savings and current accounts,  are carried out by the account holder, with the written consent of one parent and subject to authorisation by the district court.
• The bank offers the option of opening up to five (5) Smart Teen savings accounts for teenagers.
• Interest on the savings account is paid until the account holder reaches the age of majority.
• BDIF (Bank Deposit Insurance Fund) guarantees full repayment of the amounts held by a single person in a single bank, regardless of their number and size, up to €100,000, with this amount including interest accrued up to the date of issue of the act under Article 20(1) of the BDIA (Bank Deposit Insurance Act). The funds in the account are guaranteed by the BDIF, established and operating in the Republic of Bulgaria, in accordance with the procedure, up to the amount and under the conditions provided for in the BDIA;
• The account holder is not required to give notice if they wish to dispose of funds from the account, including in the event of its closure. When withdrawing cash from the account in excess of a certain amount, as specified in the Fibank Tariff, the Account Holder must notify the Bank in advance of the transaction within the timeframes specified in the Tariff; otherwise, the Account Holder shall pay an additional fee.