Managing Director of Fidelity Bank, Jim Baiden
Fidelity Bank has introduced a dollar denomination of its flagship product, the Fidelity Lifestyle Investment Plan (FLIP) account.
The move is part of its resolve to offer customers alternative products and services that give clients the opportunity to grow and diversify their wealth.
The USD FLIP account is a capital accumulation plan, which encourages accumulation of wealth through a consistent monthly payment into ones’ USD FLIP account.
It is a 91-day investment that is automatically rolled over.
The interest payable on the USD FLIP account is fixed at the LIBOR (London Interbank Offered Rate) plus 0.5%.
The minimum balance required to open the account is $5,000 and subsequently a minimum contribution of USD 100 monthly is required to operate a USD FLIP account.
Commenting on the USD FLIP account, the Managing Director of Fidelity Bank, Jim Baiden said Fidelity wants to stay true to its vision of being the best place to bank for its customers.
He added that Fidelity wants to help its customers create and protect their wealth.
According to Mr. Baiden, Fidelity Bank offers investment products for its customers in support of their financial stability, adding that the USD FLIP account is also designed to help investors prepare for emergencies, as well as fight inflation among others.
The USD FLIP offers a high yielding, yet flexible investment plan offering protection against exchange rate risk.
Customers are also allowed to borrow against their investment up to a maximum 70 percent of their investment.
Fidelity Bank was issued its universal banking license on June 28 2006, making Fidelity Bank Ghana Limited, the 22nd bank to be licensed by the Bank of Ghana (BoG) under the new Banking Law (Act 673, 2004).