Long term tax advantaged Jamaican dollar savings account which pays tax free interest on lump sums held for a minimum of 5 years. Account holders may withdraw up to 75% of the annual interest earned on a quarterly basis.
Should all or part of the principal be withdrawn, the tax free benefit will cease to exist and a penalty charged.
Each lump sum deposit in this account must remain for a period of 5 years in order to attract the tax advantage. As such, each deposit is treated as a separate time account with its own maturity.
- Age range: 18 – 64 years
- Gender: No restriction to gender
- Employed and small business entrepreneurs, persons approaching retirement
- Individuals wishing to deposit lump sums (bonuses, gratuity, retroactive payments etc.) for the medium to long term
- Individual saving for retirement, children’s university education, or other medium to long term goals
- Persons seeking attractive interest rates
- Savers seeking a safe tax advantaged options
- Income level: None is defined
- Minimum deposit of J$25,000
- Maximum deposit up to J$1 million each year
- No withholding tax is deducted from funds that are maintained for 5 years
- Interest calculated daily
- Access up to 75% of the interest earned on a quarterly basis
Good way to maximise earnings in a fixed rate saving product
Tax free interest on savings
Withdrawals allowed to assist with short term needs
Daily interest calculated to maximise interest earnings