iSave For Home

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
  • 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.

iSave For Home

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