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.
- Age range: 18 – 64 years
- Gender: No restriction to gender
- 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*
- 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.