Product Terms and Conditions

Savings Accounts

This Product Terms and Conditions is an add-on to Aruba Bank’s General Terms and Conditions and provides additional information on the "Cuenta ABC" accounts. 

1. Version 
   Version number: Product terms and conditions Savings Accounts version 201811. These product terms and conditions are subject to change. Aruba Bank reserves the right to change the interest rate at any time in its sole discretion. All fees, commissions, interest and/or costs are subject to change at the Bank’s discretion.
   
   
2. Specific product information
   Our up to date savings interest rates are published on our website: https://www.arubabank.com/Personal/Accounts/savings-accounts/compare-personal-savings-accounts
   
   
3. Cuenta ABC
   ABC is an abbreviation for “Aruba Bank Chikito”. It is a savings plan to be opened for minors. The interest is credited to the account on the last day of each year. As soon as the minor reaches the age of 18 the interest rate will be changed to the current market rate.
   - The minimum monthly deposit is AWG 25.00 via standing order;
   - The maximum account balance is AWG 100.000,00. For amounts surpassing the maximum account balance the market rate will be applicable;
   - Early withdrawals or closing of accounts are not possible before the minor becomes 18 years of age. A 5% penalty fee on the account balance will be charged in such a case. Exceptions can be made, when proof can be submitted in the following situations:
     o The child emigrates to another country;
   o In case of a medical emergency for the child.
   
   
   
4. Deposits and withdrawals  
   
   

   Resident Accounts	Deposits in AWG	Deposits in Foreign Currency	Withdrawals in AWG	Withdrawal in Foreign Currency
   AWG	No charges.	No charges.	No charges.	1.30% government charge; 0.25% foreign exchange fee; Bank commission AWG 5.
   Foreign Currency	Not allowed.	1.00% exchange commission; minimum of 5.00 in the respective currency.	No charges.	1.30% government charge; 0.25% foreign exchange fee. Restrictions are applicable.

   
   
   

   Non-Resident Account	Deposits AWG	Deposits Foreign Currency	Withdrawals in AWG	Withdrawal in Foreign Currency
   AWG	1.30% government tax.	No charges.	No charges.	0.25% foreign exchange fee; Bank commission
   Foreign Currency	1.30% government tax; 0.25% foreign exchange fee.	1.00% exchange commission; minimum of 5.00 in the respective currency.	No charges.	No charges.

   
   
5. Standing Orders
   Standing orders may not be affected from Savings Account.
   
   
6. Dormant Accounts
   -The account will become dormant after 24 months without customer transactions. Aruba Bank will notify the customer about this in writing.
   - Dormant fee per calendar year: 15.90 in the respective currency.
   
   
7. Closing of Accounts
   In order to close the account, the customer can send a request online or can come to the bank with a valid ID.