Product Overview

Fixed deposit / time account, accessible with minimum lump sum deposits held for predefined periods of up to 365 days. Amounts saved in this account earn a fixed  interest rate for the pre-determined period and attract a penalty if  withdrawals aremade from the account. 

If a saver wishes to make a partial withdrawal, a penalty  of 25% of  the interest will be charged and the balance will be reset for a prescribed period at the applicable rate of interest.

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.

Product Variations

IGain
IGain Power*
iGain More*
IGain Extra*

* Product derivatives which are developed as promotional offers as required by the business to boost NSI

Debit Card Issue: No

Target Groups

• Age range: 18 – 64 years
• Gender: No restriction to gender
• Characteristics:
  • Employed persons, self-employed and small business entrepreneurs
  • Individuals wishing to deposit lump sums (bonuses, gratuity, retroactive payments etc.) for the short -medium term
  • Time sensitive savers
  • Rate sensitive savers
  • Savers wishing to earn interest on interim sums intended for particular goals
• Income level: None is defined

Features

• Maturity periods of 30, 90, 180 or 365 days
• Minimum Investment of $10,000, US$1,000, CDN$1,000 and £1,000
• Available in a choice of four currencies
• Savings secured by Jamaica Deposit Insurance Corporation (JDIC).
• JDIC insurance coverage may have specific limits
• Interest on the account is allocated in tiers and are subject to change
  • 10,000 – 49,999
  • 50,000  – 249,999
  • 250,000  – 499,999
  • 500,000  – 999,999
  • 1,000,000 – 4,999,999
  • 5,000,000  – 9,999,999
  • 10,000,000  – 19,999,999
  • 20,000,000  and Over
• Interest paid at maturity

Selling Points

• Varied deposit minimums to suit multiple budget ranges
• Interest paid is higher than the average savings account
• Accounts fixed for longer periods attract higher interest rates
• Flexibility to save in the choice of four currencies
• The more saved, the more earned
• Flexibility to periodically add to  deposits
• Savings are secured by deposit insurance
• Deposits may be reset for an additional period if desired
• May be used as collateral on loans