Affordable higher education for all
Louise is 19 years old and lives in Luxembourg with her mother and brother. She has just finished the last oral sessions on her final exams, and is waiting…
Thanks to a savings account you can easily start building up capital for your child. You can choose the Spuerkeess blocked savings account, which is frozen until your child’s 18th birthday. It offers good remuneration and there is no account closing balance fee.
You can also opt for the classic Tweenz savings account, which also offers a favourable remuneration. However, here the money is not frozen up to the child’s 18th birthday. In fact, until the child’s 12th birthday, the legal representative is the only person to have access to the account. Then from age 12 to 15, the child can access their money with the legal representative’s consent and finally, once they reached 15, the child is free to decide how to use their savings.
Once your child turns 12, the Tweenz savings account is converted into an Axxess savings account, also offering preferential remuneration for the young holder.
Thanks to the Axxess card, your child benefits from a number of advantages, notably reductions in certain restaurants and other establishments, on membership cards or language courses! Whatever your choice, children aged between 6 and 12, are automatically part of the Tweenz-Club, which offers advantageous conditions with many business partners as well as fun activities adapted to your child’s age. They will love it!
Once your child turns 12, the Tweenz savings account is converted into an Axxess savings account, also offering preferential remuneration.
Soft, gentle and sweet, they light up our lives! So, to congratulate you on the birth of your bundle of joy, Spuerkeess offers a new-born gift of EUR 50, deposited directly into a blocked savings account, on condition that you have taken out the account before your child’s 1st birthday.
Therefore, if you invest the amount you had set aside for savings, or just a part of it, it is likely to increase over time. Whereas the same amount of money in a traditional savings account is likely to decrease in value over time, precisely because of inflation and low interest rates.
Before taking the plunge, you can simulate how much you may earn in a few years' time, in relation to the investment you plan to make in your S-Invest savings plan.
Life insurance policies offer you the opportunity to form a financial package to enable your child to pursue studies or to achieve other dreams. Combining a provident fund and security, certain insurance products such as lalux-Study Cover, can be taken out without medical formalities until your child is 12 and leaves you free to decide on the amount to invest. Once the child becomes an adult, the amount saved will be allocated to him on a quarterly basis. The payment of allowances is already guaranteed after 5 years of premiums.
Furthermore, the saved capital benefits from a guaranteed rate of interest, fixed by the Luxembourg Insurance Commission (Commissariat aux Assurances) and a participation in the profits of the LALUX insurance company. This amount is fixed year by year and granted from the 2nd year of the contract! As with any insurance product, the premiums can be deducted from taxable income, if the contract is taken out for a minimum term of 10 years.
For taking out the lalux-Study Cover insurance product, you will receive a gift of EUR 50, which will be deposited in the child's account.
You might not like the idea of it, but one day your children will move into their own home! A BHW housing savings scheme account is a good way of guaranteeing them a start-up capital that will make their life easier when they apply for a housing loan. You can easily take out a contract in your child’s name today and determine the amount that you want to transfer. Once the allocation date has been reached, the savings are free to be invested in property.
Whatever you decide, Spuerkeess will support you and your children in all your saving plans. Feel free to arrange a meeting with a Customer Advisor to discuss in more detail the different possibilities according to your children’s ages!