Product Overview

This account is offered as either a share or deposit option to Jamaican residents in local currency. It may be used to save at their leisure at chosen intervals with unlimited deposits and withdrawals. Withdrawals may only be made in the currency saved. Withholding Tax is deducted from this account except where there are noted exemptions.

Product Details

Debit Card Issue: Yes

Target Groups

• Age range: 18 -64 years
• Gender: No restriction to gender
• Characteristics: Self employed, students, employed and small business owners/ entrepreneurs
• Periodic Savers who tend to not be rate sensitive, heavy users of debit cards
• Income level: None is defined

Features

• Minimum starting deposit of J$1,000
• Interest calculated daily
• Interest paid annually
• Savings secured by Jamaica Deposit Insurance Corporation (JDIC)
• JDIC insurance coverage may have specific limits

Selling Points

• No monthly deposit commitment
• Flexibility to save at their leisure
• Useful for persons with fluctuating income
• Facilitates savings towards short andmedium term goals
• May be used as collateral on loans
• Free debit card transactions using VM Express ABM Card