Why has JN Bank introduced a minimum balance fee for the JN Wealth Optimizer Account?
Your JN Wealth Optimizer Account provides you with a better opportunity to maximize your savings by offering a higher rate of interest on your deposits so that you can achieve your goal faster. You can avoid paying the minimum balance fee by maintaining a balance of J$5,000 or more; or US$100 or more in your account.
You also have the option of maintaining a regular savings account with a lower opening balance of J$2,500. However, interest on deposits to that account are significantly lower.
If you intend to use your savings account as a transactional account, which means that you will be withdrawing and depositing funds from your account on a regular basis, it is recommended that you open a JN Wealth Optimizer Account or one of our JN Bank Chequing account options.
What is the minimum balance I should maintain in my account?
You are encouraged to maintain a balance of no less than $5,000 or US$100 in your JN Wealth Optimizer Accounts.
What is the charge if deposits in my account fall below the minimum balance?
A fee of J$150 or US$1.00 is charged to your account monthly if it falls below the required minimum balance.
Are there any taxes on deposits in my Wealth Optimizer Account?
Funds in your JN Wealth Optimizer Account are subject to withholding tax. Account holders who provide a tax exemption certificate will not need to pay withholding tax.
Can I use deposits in my JN Wealth Optimizer Account to secure a loan?
In order to access a cash secured loan from JN Bank, we recommend that you transfer deposits in your JN Wealth Optimizer Account to any JN Bank fixed deposit account.
What other high interest yield savings accounts does JN Bank offer?
JN Bank offers medium term or long term savings accounts that provide great interest rates on your deposits. You may choose from our Direct Gain fixed account or BeWise long-term savings plan, which offers interest rates of up to 3.75 per cent and 4.9 per cent per annum on Jamaican dollar savings. You may also save in US, UK and Canadian currency.