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", "Cuenta Sabi", and "Platinum Plus Savings" accounts.
- 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.
- 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
- Cuenta Sabi
- Interest will be calculated based on the quarterly minimum balance. Interest rates are compounded on the last day of each quarter (March 31, June 30, September 30, and December 31);
- After the initial 90 day period, an accumulated amount over the last 3 months, up to AWG 25,000.00, may be withdrawn from the account without any restrictions;
- On each withdrawal, within 90 days of the 1st deposit amount, a withdrawal fee of 1.59% with a minimum of AWG 26.50 will be charged to your account;
- Should the Customer wish to withdraw an amount larger than AWG 25,000.00, a written notification needs to be sent to Aruba Bank N.V. 60 days in advance;
- A withdrawal fee of 1.59% will be charged on the withdrawn amount exceeding the accumulated amount of AWG 25,000.00 over the last 3 months, in case no written notification was sent to Aruba Bank N.V. 60 days in advance.
- Platinum Plus Savings
- Interest will be calculated based on the quarterly minimum balance. Interest rates are compounded on the last day of each quarter (March 31, June 30, September 30, and December 31);
- After the initial 90 day period, an accumulated amount over the last 3 months, up to AWG 25,000.00, may be withdrawn from the account without any restrictions;
- On each withdrawal, within 90 days of the 1st deposit amount, a withdrawal fee of 1.59% with a minimum of AWG 26.50 will be charged to your account;
- Should the Customer wish to withdraw an amount larger than AWG 25,000.00, a written notification needs to be sent to Aruba Bank N.V. 60 days in advance;
- A withdrawal fee of 1.59% will be charged on the withdrawn amount exceeding the accumulated amount of AWG 25,000.00 over the last 3 months, in case no written notification was sent to Aruba Bank N.V. 60 days in advance.
- 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.
- 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. |
- ATM Card
- ATM card is only available with a florin (AWG) current account and can be linked to the following Savings Accounts:
o Regular Savings;
o Student Savings;
o 60+ Savings.
- ATM dispute fee: AWG 26.50;
- Replacement fee: AWG 26.50;
In case of lost or stolen this fee can be waived if a police report is presented.
- The ATM card of Aruba Bank can be used in all stores that accept Maestro for purchases.
o The Maestro transactions are free of charge;
o Tax charges are applicable for Maestro transactions abroad.
- The Aruba Bank ATM card can be used at any ATM with the Cirrus logo.
o ATM withdrawals at Aruba Bank’s ATM are free of charge;
o ATM withdrawals at other Banks: AWG 4.50 per transaction.
- Standing Orders
Standing orders may not be affected from Savings Account.
- 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.
- 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.
