Regular Savings Account
Earn interest on every dinar with free access to your money.
Savings accounts
Their first savings. Your best gift.
Little Lanterns is the savings account parents open for children from birth to 17, with 4.00% p.a. interest and a JOD 10 bonus on every birthday until 12.
Applications are not possible: this is a fictional test website.
Key benefits
4.00% p.a. interest
A higher rate than our adult regular savings, to reward starting early.
A JOD 10 birthday bonus
Paid each birthday until age 12 when the balance is JOD 100 or more.
Start from JOD 10
Open with pocket money, Eid money or a gift from grandparents.
Parents stay in control
You see every transaction in your own app; your child sees a simple savings jar view.
Who it's for
For parents, grandparents and guardians planning ahead.
- New parents who want to save from their baby's first month
- Grandparents who give Eid money and want it to last
- Parents saving towards school or university fees
- Families teaching children the value of money
Features
- Interest 4.00% p.a., paid every six months
- Parent-controlled withdrawals only
- Child view in the app with a savings jar
- Relatives can deposit by transfer using a gift reference
- Converts automatically to a Regular Savings Account at 18
- Free money-skills booklet for ages 7 to 12
Rates and figures
| Item | Detail |
|---|---|
| Age | 0 – 17 |
| Minimum opening balance | JOD 10 |
| Interest rate | 4.00% p.a. |
| Birthday bonus | JOD 10 each birthday until age 12 (balance JOD 100 or more) |
Fictional figures for software testing.
Fees and charges
| Monthly maintenance | Free |
|---|---|
| Withdrawals by parent | Free |
| Account closure before age 18 | JOD 5 |
Eligibility
- Child aged 0 to 17
- Opened and managed by a parent or legal guardian who is a Lanternvale customer
- Minimum opening balance JOD 10
Documents you need
- Child's birth certificate or ID
- Parent or guardian national ID
- Guardianship document if not a parent
How to apply
- Log in to your own app or visit a branch
- Add your child's details and birth certificate
- Deposit JOD 10 or more
- Share the gift reference with family
Frequently asked questions
Who owns the money?
The money belongs to the child. The parent or guardian manages it until the child turns 18.
When is the birthday bonus paid?
Within 5 working days of each birthday up to and including the 12th, if the balance is JOD 100 or more that day.
Can grandparents add money?
Yes. Anyone can transfer money using the account's gift reference.
What happens at 18?
The account becomes a Regular Savings Account in the young person's own name.
Can my child withdraw money alone?
No. Only the parent or guardian can move money out before age 18.
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Lanternvale Bank is fictional. Figures are examples for software testing. Products would be subject to local banking regulation.