Lito Savings Account

Prepare for the future of your kids with a Lito savings account

Especially designed for children from birth till the age of 18. Open a Lito savings account and start saving today for big expenses such as college tuition, paying for driver’s license or even for their own first place.

Basic package information

Start saving in your child's name from birth.
The current interest rate for the Lito savings is account is 3% (*NIR: 3%; **APY: 3.04%).
Important note: When your child turns 18 only he or she will have access to and dispose of the funds.

Required documents

Only parents and/or legal guardians that have an MCB account can open one Lito savings account for per child;
Valid identification showing nationality (Passport or ID)
Address verification document (example a utility bill not older than 3 months)
Confirmation of income (salary slip, employment reference, employment contract)

Privacy and security

The Bank complies strictly with local legislation in all the jurisdictions in which the bank operates
The clients information is always treated with the utmost integrity and care for privacy

You can find more detailed information on our General Conditions and Privacy Policy here:

https://d1zwpj0nw967gp.cloudfront.net/documents/5120__lito_voorwaarden_nov_2020_v0.4_final__1620649360.pdf?v=1680721109

Frequently asked questions and answers

What is needed to open a Lito savings account?

Only parents and/or legal guardians that have an MCB account can open a Lito savings account for their kids;
Grandparents, other family members and friends cannot open a Lito savings account, but they can surely deposit on the Lito savings account opened by the parents of the child;
Maximum deposit amount per month is NAf. 250,-;
Once a year a maximum deposit amount of NAf. 1.000,- is allowed in connection with the child’s Birthday or special occasion;
Parents and/or legal guardians can open only one Lito savings account per child;
When opening a Lito savings account, parents can request access to MCB Online Banking, making it easier to view your child's Lito savings account.

What is the interest on a Lito savings account?

The current interest rate for the Lito savings is account is 3% (*NIR: 3%; **APY: 3.04%).

What happens with the Lito savings account when your child turns 18?

Maduro & Curiel’s Bank will close the Lito savings account in the month of January of the year after your child turns 18. The savings, including the base rate, will be transferred to a regular Maduro & Curiel’s Bank savings account in your child's name. Click here to read more about our savings accounts.
If your child does not have another Maduro & Curiel’s Bank savings account, we will open one for him or her.
Important note: When your child turns 18 only he or she will have access to and dispose of the funds.

Lito Savings account Terms & Conditions

See Terms & Conditions

Can I use the funds from a Lito savings for an investment?

Once your child reaches the age of 18 years, he or she can make their money grow by making use of our investment services.
The minimum balance to invest is the equivalent to NAf. 10,000.- .