There are different savings accounts available at financial institutions and knowing how each works and their characteristics can be very useful to your savings journey.
Once you have identified your goals, choosing the right type of savings account is crucial to achieving them. Here are the three main types of savings accounts and their features.
Regular Savings- With a regular savings account, persons can deposit and withdraw money as they please with little restriction. Some financial institutions have a minimum balance amount, but with a JN Bank Regular Savings Account, there is none, which means you won’t be charged if the balance falls below a certain threshold. The account can be Jamaican dollar or a foreign currency account, to give you an opportunity to diversify your savings portfolio and provide an additional way for you to accelerate your savings goal attainment. You can also opt to have a debit card, which you can use to withdraw funds at MultiLink ATMs across the country. Many persons use this type of account for daily transactions, but we recommend using a chequing account for transactional purposes and using your savings account to save.
Fixed Deposits- A fixed deposit is a long-term savings account that offers a higher fixed interest rate depending on how much you save. It is usually a good option for medium to long-term goals, such as a house, car, education, or that dream vacation. JN Bank has four different fixed deposit accounts, namely the BeWise Savings Plan-Local, BeWise Savings Plan-Foreign, Direct Gain Account and the Goal Saver Account.
Contractual Savings-With a contractual savings account, you commit to making regular deposits for a fixed period, as desired. This can range from as short as 16 weeks to a year. You also have the option of making lump sum deposits to your savings. JN Bank’s contractual savings accounts are the JN Partna Plan, which allows you to save consistently over a short period, and the JN High Yield which gives members the flexibility to save in Jamaican, US, Canadian, Pound Sterling and earn higher interest.
Whatever your goals, there is an account to help you find a way. Click here to view Savings Hub