Saving money in a Jamaica National account - Jamaica Talk

Noel · #1 (**permalink**) 04-18-2008, 12:18 PM

The key to being truly self-sufficient financially starts with a sound savings plan. In the Caribbean community, as with the rest of Canada, the main question for many is: how exactly do I save money? Can I make saving money into a routine that will best benefit me in the long run?

The Toronto Representative Office of Jamaica National has been proudly serving the Caribbean community in Toronto for almost 20 years. We provide savings solutions for everyone -- from those just starting to save with ‘small change’, to those seeking more interest-building power for larger deposits.

Being a regular saver can be surprisingly easy, and Jamaica National offers products that reward higher interest rates, the more money that you put in the bank.

The High-Yield Savings Account allows you to save a fixed amount every month for 12 months and receive a guaranteed rate of return – the higher the monthly amount you commit to depositing, the higher the rate of interest earned. For example, a deposit of $100 (Canadian) each month for a year yields an interest rate of 3.25% p.a. (per annum), while a pledged deposit of $1,501 or more monthly earns 4.50% p.a. The interest rate is even higher if funds are deposited in Jamaican currency, with a $5,001 monthly deposit earning 10.25%, and $50,001 or more delivering 11.50%! The High-Yield Savings Account is available in four currencies – Canadian, U.S. and Jamaican dollars, and British pounds sterling. This is the perfect vehicle to watch your money grow with a secure rate of return.

The Premium Club Savings Account pays interest twice per year, with the option to transfer interest earned to another JN savings account if you wish. This account rewards higher interest rates to the saver for maintaining higher minimum balances – for example, maintaining a minimum balance of $15,000 Canadian earns 4.25% p.a.; similarly, keeping an average balance of $500,000 Jamaican yields a 13.60% p.a. interest rate. Interest rates are more generous with higher balances -- $2.5 million Jamaican (which is less than $40,000 Canadian) or more provides 4.75% p.a. interest. As with the Hi-Yield Savings Account, the Premium Club Savings Account is available in four currencies. Again, it is a great way to encourage maintaining large balances, which can be used to purchase that dream property or piece of land in Jamaica!

The Direct Gain Savings Account is a certificate account with maturation periods of 30, 90, 180 or 365 days, and various interest rates depending on the amount, currency and maturation period. It offers flexibility and choice, and is also available in four currencies.

Of course, with as little as $20, anyone can open a simple Jamaica National regular savings account, just to get the ball rolling! Regardless of which kind of Jamaica National account you choose, remember these helpful tips:

1. Pay Yourself First -- Before you take money out for bills and expenses, put anywhere from 10% to 20% towards your savings and/or retirement accounts.
2. Pay Yourself Last -- If you find yourself with any “extra” money at the end of the month after bills, expenses, etc., don’t automatically spend it ‘just because.’ Put that money in a special savings account you create for a specific goal.
3. Put Away A Dollar A Day – We all want a little extra money for special occasions, such as the Christmas holidays or summer vacation. Putting away that loose chance in your pocket can add up to a surprising amount of money before long!

Let Jamaica National be your partner in saving towards a more fulfilling financial future!

Jamaica National Building Society (Toronto Representative Office) opened its doors in Canada in 1991 at the Lawrence Square Mall location, and is currently located at 1390 Eglinton Avenue West. This was the second overseas office to be established by Jamaica National, the first being London, England in 1988. The Toronto Representative Office of Jamaica National serves its clients with a range of retail savings products and home loan products, as well as financial services.

Reggaediva · #2 (**permalink**) 04-18-2008, 08:21 PM

Nice free advertising attempt!

1stParadigm · #3 (**permalink**) 04-21-2008, 08:14 PM

This weekend we celebrated the 20th Anniversary of Jamaica National in the UK .........138 years in Jamaica