JN Bank has introduced a savings product, the “BeWise Savings Plan,” which is specially designed for goal-oriented savers, which allows members to save towards financing their education, purchasing a home, or for emergency purposes.
Leon Hamilton, Chief Representative Officer, the JN Representative Office in the United Kingdom,said that the savings product offers very attractive returns.
“The interest rates are as high as 4.85 per cent on savings between J$2 to J$5 million. It also offers a bonus interest for additional deposits and tax free eligibility,” he explained.
The BeWise Savings Plan is offered to persons who are 18 years and older, regardless of their country of residence. The minimum balance for the opening of the account is J$100,000, with a tenure of five years.
“Withdrawals are not permitted priority to maturity; however, savers may access interest, if they so desire, when interest is being paid,” explained Mr. Hamilton.
“If a withdrawal is made prior to the five yearperiod, 25% of Government withholding tax on the interest will be applied retroactive to thestart date of the deposit; and the balance of the deposit will be convertedto a Certificate of Deposit, at the prevailing market rate,” he added.
The documents required to access this product include: proof of address; government issued ID;Tax Registration Number TRN); two references;Know Your Customer (KYC) documentation, if customer is not currently KYC compliant.
For self employed persons, bank statements for a primary account, displaying the last 12months of activity; a current financial statement, if available; as well as, confirmation of an auditor.
Mr. Hamilton informed that interested savers may: “Contact us at telephone number: 0207-708-2442 or our Toll Free Number: 0800-328-0387, or email us at firstname.lastname@example.org for further details.”