The Liv Goal Account is designed as an add-on deposit account to help you set aside money with simple recurring rules, facilitating your savings journey.
How the Liv Goal Account Works?
- Purpose: It’s an add-on to your primary account aimed at helping you save towards specific goals with the flexibility of setting simple recurring savings rules.
- Account Type: Deposit account specifically for savings with goal-setting features.
Terms and Conditions
- Monthly Balance Requirement: There is no minimum average monthly balance required for the Liv Goal Account.
- Fees for Not Maintaining Balance: Since there’s no minimum balance requirement, there are no fees associated with failing to maintain a balance.
- Interest Earnings: The interest rates vary based on the balance in your account. For example, balances below AED 5,000 earn 0.00% interest, while amounts between AED 5,000 and AED 24,999.99 earn 0.75% per annum, paid monthly. The structure is designed to incentivize saving larger amounts.
- Interest Calculation: Interest is calculated daily on the end-of-day balance and paid monthly. The formula used is: Interest on savings account = Daily balance * Interest Rate * (number of days/360).
- Spending Limit: The document does not specify a spending limit for the Liv Goal Account, but it mentions daily debit card limits for other account types, suggesting that spending and withdrawal limits may be applicable based on the account package you choose.
Benefits
Savings Growth: The tiered interest rates encourage saving more money by offering higher interest rates for higher balances.
Flexibility: The account allows for setting personal savings goals with customizable rules, making it easier to save for specific purposes.
Accessibility: No minimum balance requirement and no fees for not maintaining a balance make it accessible to a wide range of customers.
Requirements for Setting Up
Eligibility: UAE Citizens/Residents aged 18 years and above.
Documentation: Typically, banks require a valid Emirates ID, proof of residence, and possibly a salary certificate or proof of income. Specific requirements may vary and should be confirmed with Liv.
Eligibility
The account is available to UAE Citizens/Residents who are 18 years and older.
Conclusion
The Liv Goal Account is an innovative financial tool designed to help individuals in the UAE save towards their financial goals with ease and flexibility. Its structure encourages saving by offering tiered interest rates, rewarding higher savings with higher returns. With no minimum balance requirement and no fees for not maintaining a balance, it’s an attractive option for anyone looking to start or enhance their savings journey. To set up a Liv Goal Account, eligible individuals need to provide the necessary documentation and meet the age requirement. This account is a testament to Liv’s commitment to providing user-friendly, accessible banking solutions that meet the needs of its diverse customer base.
