Most, if not all, parents and grandparents want to provide a secure financial future for their offspring. And many want to be in a position where they can readily provide a financial windfall to their children when needed. Whether it’s with regular payments to boost savings or helping with a big purchase like buying a house, a first car or college tuition, it’s a position they all relish.
One of the best ways to save for your children and grandchildren’s future is by opening a long-term savings account.
JN Bank has several options, including the JN Goal Saver and the JN High Yield account, which offer a high rate of returns on your savings. Here are a few reasons each of these saving plans might be right for you:
JN Goal Saver Account
The JN Goal Saver account is a long-term Certificate of Deposit, available in Jamaican dollars only. You can open the account with a minimum of J$100,000 and save for a period of seven or ten years.
Four reasons to open a JN Goal Saver Account:
- Save for medium to long-term goals, such as tuition, a car or a house
- It’s tax-free*
- You can earn up to 30% interest on your savings
- Your deposit is insured in the event of death, disability or critical illness. This means your deposit will be returned to you or a beneficiary if you become disabled or pass away.
JN High Yield Saving
With a JN High Yield account you can save for a fixed period of 12 months, with a minimum starting amount of J$5000, US$100, £100 or Can$100. You can also make regular monthly deposits by standing order of a minimum of J$5000, US$100, £100 or Can$100. The account is available to persons living in Jamaica, the United States, United Kingdom and Canada.
Four reasons to open a JN High Yield account:
- Fixed interest rate
- Interest calculated daily and paid at maturity
- Option to make a lump sum or regular deposits to your account
- Used funds in your account as collateral for JN Term Share/Cash Secured Loan
By starting early and investing steadily, the money you grow for them can benefit them financially, personally and professionally.