Amana Bank is honoured to announce the launch of ‘Amana Bank Teen Savings’ coinciding with National Teenagers Day. Launched under the tagline ‘Smart for Teens; Secure for Parents’, Amana Bank Teen Savings is a unique savings solution designed to help teenagers take their first steps toward financial independence while ensuring parental guidance and security. Tailored for children aged from 13 to 17, this account blends the best of savings and transactional features, allowing teens to budget, save, and spend wisely while parents maintain oversight, reinforcing smart financial habits.
Amana Bank Teen Savings offers a personalized Visa Debit Card enabled for shopping and ATM withdrawals, with parents having the ability to pre-set transaction limits to ensure responsible spending. Teen account holders will also gain access to the ‘Your Bank’ online banking platform, enabling seamless fund transfers and bill payments, again with limits pre-set by parents to ensure prudent usage. The account is further enhanced with instant SMS alerts, e-statements, WhatsApp Banking, along with a daily end-of-day summary SMS sent to the parent’s mobile—enabling them to easily monitor and stay informed on their child’s transactions.
Furthermore, to encourage academic excellence, the Bank will reward teens who achieve outstanding results in national examinations with special cash incentives. While offering an attractive profit rates, parents can also transfer the profits from the child’s existing Amana Kids Savings or Flexi Term Investment Account to the Teen Savings account.
To facilitate seamless onboarding and transition to Teen Savings, parents/guardians of existing Amana Kids Savings customers with access to the ‘Your Bank’ Internet Banking platform can conveniently open the Teen account via the ‘E-mail Us’ feature on the App. With just a simple message, the account opening can be conveniently arranged, eliminating the need for a branch visit. Alternatively the teen along with their parents can visit any Amana Bank branch to open the account.
Furthermore, to instill smart financial habits and enhance financial literacy amongst its teen account holders, the Bank will actively engage on social media platforms, sharing valuable educational content on money management.
Commenting on the launch of Amana Bank Teen Savings, Vice President Retail Banking and Marketing Siddeeque Akbar said “With the introduction of Amana Bank Teen Savings, we are not only empowering teenagers with the right tools and knowledge to develop responsible financial habits but also providing parents with the reassurance of oversight and security. This initiative reflects Amana Bank’s commitment to fostering financial decision making in young minds while ensuring parents have the confidence that their children are managing money wisely."
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange, with Jeddah-based IsDB Group being the principal shareholder of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Banks continued to be recognised amongst the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.
