VM Save2Grow

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
  • 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

VM Save2Grow

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