This is a twelvemonth contractual savings account with a monthly deposit requirement and an option for renewal at the end of the prescribed period. Savers may open the account with amounts in JMD, USD, CDN and GBP. The iSave account must be started with a defined amount and must be maintained over the life of the account. Lump sum deposits are however allowed throughout the tenure of the contractual period.
This account is a time account and as such attracts greater interest than a regular savings account. Early withdrawals from this account are not encouraged and as a result attract a penalty of 50% of the interest earned. Accounts from which interim withdrawals are made are reset for the mandatory 12 month period at the time of the withdrawal.
Interest on the account is allocated in tiers and are subject to change
|1,000 – 2,999||50-149||20-99|
|3,000 – 9,999||150 – 1,500||100 – 1,000|
|10,0000 – 99,999|
Deposits to the iSave account are facilitated through a ‘servicing’ account such as the regular deposit account. Funds are lodged to the savers ‘regular’ deposit account and automatically transferred on a specific date monthly. Salary deductions are encouraged when opening this account.
The VM iSave suite includes:
- iSave Easi – Accounts with a monthly commitment of 1,000-9,999
- iSave – Accounts with a monthly commitment of 10,000-99,999
- iSave More – Accounts with a monthly commitment of > = 100k
- iSave Education – Any iSave account dedicated toward the goal of education
- iSaveforHome – Goal specific account for the purchase of a home, which comes with special mortgage related benefits. See details outlined under separate heading.
Debit Card Issue: No
- 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
- Ideal for saving towards annual expenses, or any short to medium term goal, e.g. deposits for a car purchase, home, funding for, vacation, education or school fees.
- 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$1,000, US$50, CDN$50 and £20)
- Interest calculated daily and paid monthly
- Available in a choice of four currencies
- Savings secured by Jamaica Deposit Insurance Corporation (JDIC).
- JDIC insurance coverage may have specific limits
- Ability to choose a monthly deposit that suits personal budget
- The more saved, the more earned
- Rewards the commitment to saving with above average interest rates – 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 to 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