Term: Until the targeted amount is reached, or the account is closed before the term set.
Currency: BGN, EUR, USD
Minimum balance: 50 currency units
What it is: The client specifies the targeted amount to be saved, as well as the amount the bank shall automatically transfer from the current account to the saving account of the client till the targeted amount is reached. At the opening of the saving account the client defines the following parameters:
- the target amount to be reached in the Saving account;
- the amount to be transferred from the current account to the saving account (the sum must be divisible by 10 currency units and not less than 50 currency units);
- up to two dates for the transfer of the money from the client’s current account to the saving account.
On the dates specified by the client (para 3), the bank automatically transfers the sum (specified in line 2 above) from the current account of the client to the saving account. In case of insufficient funds in the current account the operation is not executed.
Payments, cash operations and transfers from/to the saving account cannot be executed.
Interest accrual: At the end of each calendar quarter, as well as when the target is reached (para 1 above).
Termination: The saving account is terminated on the three occasions that follows:
- When the target amount is reached or exceeded, the interest is accrued on Saving account and the bank automatically transfers the balance of the Saving account to the current account of the client, and the Saving account is closed. No fee is subtracted for closing the account.
- When three consecutive transfers to the Saving account fail because of insufficient funds in the current account of the client, the Saving account is closed automatically, and no interest is paid for the respective calendar quarter. No fee is subtracted for closing the account.
- By client’s request, before the target amount is reached. No interest is paid for the respective calendar quarter. No fee is subtracted for closing the account. On termination of the Saving account, the balance is transferred to the current account of the client.
Charges: No fees are due for opening, closing and monthly maintenance of the Saving account. There are no charges for the transfers made between the clients’ current account and saving account.
Where and how to open: at the counters of BACB, through the Virtual bank BACB Plus.