Product Overview

This is a regular deposit account enhanced with scholarship opportunities for children 1- 18 years. Deposits may be made at chosen intervals; no fixed monthly deposit is required to maintain the account.

Product Details

Debit Card Issue: Yes

Target Groups

• Age range: 1 – 64 years (while there are savings accounts for children – the major target for this account are adults as influencers)
• Gender: No restriction to gender, however females would hold a greater weighting in this group as they tend to be more inclined towards nurturing of children
• Characteristics:
  • Parents, grandparents, aunts, uncles, teachers and students
  • Parents wishing to instill the habit if saving in their children
  • Family members wishing to grant cash gifts to children
  • Parents/ guardians funding children or wards in boarding schools
  • Teachers who wish to encourage or teach their students financial management/ independence
  • Family members seeking scholarship opportunities for their children
• Income level: None defined

Features

• Three specially designed savings growth plans for students:
  • The Junior Plan (0-11 years)
  • The Future Plan (12-17 years)
  • Master Plan (18 & over)
• Minimum deposit of J$200 to open account
• Interest rates in line with regular savings accounts
• Interest calculated daily
• Deposit and withdrawal flexibility

Selling Points

• Perfect tool to assist children in developing the habit of saving
• Ideal for saving towards covering the cost of tuition, textbooks, uniforms, examination fees etc.
• Young savers who hold a Save2Grow account have a chance to qualify for a VMBS GSAT Bursary, Junior, Future or Master Plan Head Start scholarships