Product Overview

A twelve -month contractual savings account with a consistent monthly deposit requirement and the option for renewal at the end of the period. Savers may open the account with the stated objective of saving for the deposit on a residential property. Amounts saved in this account enable the saver to access superior mortgage benefits.

Product Details

Target Groups

• Age range: 18 – 64 years
• Gender: No restriction to gender
• Characteristics:
  • Employed persons, self-employed and small business entrepreneurs
  • Goal-oriented savers
  • Individuals wishing to develop a consistent savings pattern
  • Persons with specific goals to achieve in a set timeframe
  • Persons with a set amount of money to save each month
  • Savers without the discipline to save outside of a fixed plan
  • Persons with consistent earnings inflows  salary, dividends, gratuities, commissions, etc
• Income level: While none is defined, the saver must be in a position to save the minimum commitment amount every month

Features

• Minimum monthly deposit (J$5,000, US/CAD$1000 and £75)
• Interest calculated daily
• Available in a choice of four currencies
• Savings secured by Jamaica Deposit Insurance Corporation (JDIC).
• JDIC insurance coverage may have specific limits
• Access to Special Mortgage Benefits*

Selling Points

• Ability to choose a monthly deposit that allows individuals to get  to their goals faster and is aligned with  personal  budgets
• The more saved, the more earned
• Rewards the commitment to saving with above average interest rates on savings – comparable with the highest fixed deposit band
• Flexibility to save in the currency of choice – may be an attractive option for persons wishing to save in hard currency on a monthly basis
• Facilitates consistent savings towards short – medium term goals
• Simplifies the process of working towards a goal through ‘built in discipline of a monthly contribution requirement’ and automatic monthly withdrawals.
• May be used as collateral on loans.