The National Bank of Samoa has launched a new innovative savings product – Samoa Super Saver (S.S.S).
It is a product designed to assist customers build a savings culture by offering a “loyalty incentive.”
Launching the new savings scheme this week coincides with the Bank’s 20th year anniversary celebrations.
Chief Executive Officer, Tu’u’u Amaramo Sialaoa, said this is an exciting time for the bank.
“We aspire to be a good corporate citizen and do what we can to help our community and the Samoan economy,” he said.
“We have a number of new goals and strategies to assist our customers. One of our goals is to offer a sustainable return for depositors.
"We also want to facilitate a positive change in Samoan's attitude and approach to saving and we have been looking at developing some new products to help achieve this."
The Chief Executive Officer added that the Bank sees “these as part of our social responsibility obligations."
One such product is the new “Samoa Super Saver”.
“This product is built around an incentive being offered to customer to save and not withdraw and spend from their S.S.S account,” Tu’u’u explained.
“Just like coffee shops and other food outlets provide a reward for loyalty, we are offering the same for good savers. If customers make at least one deposit into their S.S.S account per month but don’t withdraw any money from that account for that month, then we’ll pay them a 50% premium on their interest rate for each month they achieve this.”
Furthermore, N.B.S has made it easier to open a S.S.S account – there is no minimum amount on the initial deposit.
"Smart savers who set firm goals and disciplined in saving money to achieve their goals will be rewarded through this product," Tu’u’u said.