You can make changes in the child savings plan, in accordance with the body that handles the savings.
Provident fund
If your child's savings are administered by a provident fund, you can, at anytime over the savings period:
- Change the investment profile to another one of those offered by the fund. To modify the investment profile, you must contact the provident fund that manages your child savings.
- Transfer the management of the savings to another provident fund, chosen from a list of provident funds selected by the Ministry of Finance. Moneys and returns will be automatically transferred between the funds, and the National Insurance Institute will be informed by the new provident fund and shift regular deposits to it.
To switch to another provident fund, you need to contact the new provident fund and it will perform the transfer of savings to its account.
Bank
If your child's savings are managed in a bank:
- You can discontinue the savings in the bank and open for the child another savings account in a provident fund at any time during the savings period. The child will eventually have to savings account: one in a bank that has been interrupted and one in a provident fund on which monthly payments are credited.
To open a savings account in a provident fund for a child who has a bank savings account, click here. - You can change savings plan track only if you had selected a savings plan with exit windows every 5 years. Changing track is possible only on the date of a specific exit window.
- If you have opted for a savings plan without exit windows - you will not be able to change the plan track throughout the entire savings period.
- You will not be allowed to transfer savings money to another bank.