Al-Watani: Comprehensive savings solutions to achieve customers' financial goals
National Bank of Kuwait continues to develop its innovative banking solutions to help customers achieve their financial goals and promote a savings culture, through a comprehensive suite of solutions designed to meet diverse needs, whether they are short- and medium-term objectives or long-term plans requiring wealth accumulation and asset growth.
The Bank offers customers two savings pathways, enabling them to choose the most suitable solution based on their financial goals and future needs. The first is the Electronic Savings Account, tailored for short- and medium-term savings goals, while the second is the Fixed Savings Account, designed for long-term objectives. These options provide customers with the flexibility to achieve their current goals and the confidence to plan for their financial future.
The National Bank’s Electronic Savings Account is a fully digital savings account that customers can open and manage entirely online via the National Bank Mobile App. It allows customers to create a personalized savings plan and track their progress toward achieving their financial goals step by step, from anywhere and at any time.
Upon opening the account, customers can select a savings plan duration ranging from one month to five years, with a target amount starting from 200 Kuwaiti Dinars and reaching up to 5,000 Dinars, offering significant flexibility to meet various short- and medium-term objectives.
The account relies on a set of smart tools that make saving a natural part of daily life. It features the “Auto Saver” service, which automatically transfers fixed amounts periodically into the savings account, and the “Save the Change” service, which rounds up purchases made at point-of-sale terminals or online and transfers the difference directly to the account. Additionally, the “Tap to Save” service allows customers to transfer a predetermined amount to their savings account with a single tap through the National Bank Mobile App.
The account also offers flexible reward options, allowing customers to choose between receiving monthly interest with competitive returns or accumulating Electronic Savings Account loyalty points when the savings goal is achieved within the specified timeframe. These points can be redeemed for electronic vouchers from a variety of brands.
For customers planning to achieve long-term financial goals, the National Bank provides the Fixed Savings Account, which helps them build their savings through a clear plan combining regular savings with guaranteed returns.
The account allows customers to set savings goals ranging from 5,000 to 50,000 Kuwaiti Dinars through a savings plan lasting between five and 15 years. During this period, a fixed monthly amount is deducted via a standing order from the primary account to the Fixed Savings Account, helping customers adhere to a regular savings plan and achieve their future goals in a structured manner.
The account is suitable for long-term objectives such as preparing for a future home purchase, financing children’s university education, establishing a personal business, planning for a more comfortable and stable retirement, and building long-term wealth through regular savings and guaranteed returns.
The account stands out by providing greater clarity in financial planning, as the interest rate is agreed upon at account opening and remains fixed throughout the savings plan duration. This enables customers to know their expected returns in advance and build their financial plans with greater confidence. Interest is calculated daily on the account balance at the end of each day and paid out monthly.
Interest rates stand at 3.25% for plans with terms ranging from five to seven years, 3.75% for plans spanning seven to ten years, and up to 4% for plans with terms between ten and fifteen years. Customers can open accounts through the National Mobile Banking app or by visiting the nearest bank branch.
The introduction of these solutions aligns with the bank’s strategy to enhance digital innovation and develop more accessible and flexible banking products, helping customers manage their finances more effectively and turn saving into a financial habit that supports the achievement of their future goals and aspirations.
By combining an electronic savings account for short- and medium-term goals with a fixed savings account for long-term objectives, the bank continues to offer a comprehensive savings system tailored to diverse customer needs, providing the right tools to achieve financial goals, whether they involve near-term plans or long-term ambitions spanning many years.
