HOW DOES IT WORK?
THE JAMAICA National (JN) High-Yield Savings Account is a special high interest contractual savings account for select JN group members. These accounts must be opened by January 31, 2006 and will mature 12 months later.
WHO CAN OPEN THE ACCOUNT?
JN members who have been with JNBS for more than a year.
NEM customers who have been with NEM for more than a year.
WHAT ARE THE SPECIAL FEATURES OF THIS ACCOUNT?
Qualified applicants sign a pledge and commit to saving a fixed amount per month for one year.
The interest rate payable over the year is guaranteed, depending on how much the person saves.
WHAT ARE THE BENEFITS OF THIS ACCOUNT?
You can earn fixed deposit rates on a regular passbook account.
Compulsory savings.
Higher interest rates based on daily calculation and paid at the end of the period.
Save towards a specific goal.
Lower amounts yield higher interest rates.
IS THIS A PASSBOOK ACCOUNT?
Yes, it is a passbook account, but it is set up like a term share as interest will only be paid at the end of the year.
Members sign a pledge form in duplicate and keep a copy.
Account holders will receive a passbook and not a term share certificate. The passbook will be updated whenever the member makes a lodgment to the account.
WHAT IS THE MINIMUM AMOUNT THAT CAN BE USED TO OPEN THE ACCOUNT?
The JN High Yield Savings Account must be opened with the amount the member has committed to save each month.
The absolute minimum amount to open an account is, therefore, $5,000.
WHEN WILL THIS OFFER END?
This offer ends on January 31, 2006 i.e. members need to open their account between December 5, 2005 and January 31, 2006.
ARE THERE ANY SPECIAL PERKS ASSOCIATED WITH THIS ACCOUNT?
Account holders, on taking their signed pledge and ID to NEM, will qualify for a five per cent discount on their car insurance.
What are the interest rates?
| Monthly | Monthly | Annual |
| Savings | | | Rate % | Rate % |
| $5,000-$20,000 | 10.45 | 10.97 |
| >$20,000-$35,000 | 0.95 | 11.52 |
| >$35,000-$50,000 | 11.45 | 12.07 |
| >$50,000 | | 12.28% | 13.00% |
Taken from The Sunday Gleaner, January 8, 2006
