Product Overview
This account is offered in four currencies to Jamaican residents only. . Account may be opened and subsequent deposits can be made in Jamaican, US, Canadian dollars, or British Pounds on fixed monthly basis FX Funds lodged to this account can originate from Jamaica or overseas. Withdrawals may be made in the currency saved. Tax is deducted from the interest earned.
Product Details
Debit Card Issue: No
Target Groups
- Age range: 18 – 64 years
- Gender: No restriction to gender
- Characteristics: Employed persons and small business entrepreneurs, persons earning or receiving gifts in foreign currency
Individuals wishing to save in hard currency to benefit from foreign exchange rate fluctuations - 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 $ US$20, CDN$20 and £20)
- Interest calculated daily
- Available in a choice of currencies
- Savings secured by Jamaica Deposit Insurance Corporation (JDIC).
- JDIC insurance coverage may have specific limits
Selling Points
- No fixed monthly deposit commitment
- Flexibility to save at their leisure
- Useful for persons with fluctuating incomes
- May be used as collateral on loans
