Features
- Receive interest quarterly
- Save in Jamaican or US dollars
- Open your account with a minimum of JMD$5,000 or US$100
Benefits
- More frequent interest payments
- Higher returns on your savings
- Get discounts from merchants with your JN card
- Online banking using JN LIVE
- 24/7 access using JN Bank Debit Card
- 10% discount on membership in Jamaica Automobile Association
- 20% discount on motor insurance with JN General Insurance Company Ltd.
- You must be 18 years or older
- Valid identification: Driver’s Licence, Passport, voter registration card
- Proof of your address. At least one of the following:
- Utility bill not older than six months
- Receipt
- Other bills
- Proof of employment- letter from employer, pay slip, valid work ID (if self-employed, the nature of self-employment)
- Telephone number(s) – (home, work and mobile)
- Taxpayer Registration Number (TRN) OR Jamaican Driver’s Licence bearing this number
- Occupation and name of employer (if self-employed, the nature of self-employment)
- The minimum amount of JA$5,000 or US$100 required for opening the account
- Source of funds/ Proof of income
Local Applicants (Residents):
- Fully Completed CIF for all applicants
- Proof of Residential Address (recent utility bill, bank statement, other official mail, property tax receipt, lease agreement or rent receipt (rent receipts should indicate clearly the address of the property))
- Proof of Employment (letter from employer, recent pay slip or valid work ID)
- Current & Valid Identification
- Tax payer Registration Number (TRN) OR Jamaican Driver’s licence bearing this number
- Completed Account Signature Card
- Completed Self Employment Verification Form
- Completed Self Certification Form (Individual)
* If a child below 16 years is to be added to this account, the child’s Birth Certificate is required.
Overseas Applicants (Non-Residents):
- Fully Completed CIF for all applicants
- 2 Proof of Residential Address (Notarized copy of recent utility bill or bank statement)
- Proof of Employment (letter from employer, recent pay slip or valid work ID)
- 2 Current & Valid Identifications duly notarized. (For Non-Jamaicans, at least one (1) ID must be a passport or permanent resident card)
- Notarized copy of Birth Certificate for Minors and Non-Jamaicans
- Notarized copy of your Tax Number
- Completed Account Signature Card
- Letter detailing instructions to JN Bank to establish new account and any additional instructions. (Include your choice of savings and reason for opening account in Jamaica in letter)
- Completed Self Employment Verification Form
- Completed Self Certification Form (Individual)
If the original documents are presented to the UK Rep Office, do not need to be notarized.
What are the benefits of the JN Wealth Optimizer Account?
You will receive a higher interest rate on funds in your JN Wealth Optimizer Account than on funds in other regular savings accounts. Interest payments are also paid quarterly on your savings compared to annually in another regular savings account.
With a JN Wealth Optimizer Account you also have the option to save in Jamaican or US dollars.
How much is the interest offered on my deposit in a JN Wealth Optimizer Account?
Our Wealth Optimizer account offers better rates on your deposits. The interest on funds in your account grows as your savings grows. Depending on the balance in your account, you could earn up to 1.25 per cent interest per annum on your Jamaican dollar savings.
Interest Rates
| JMD | ||
| Bands | Interest Rate | EAIR |
| 0-$249,999 | 0.10% | 0.1000% |
| $250,000-$499,999 | 0.15% | 0.1501% |
| $500,000-$999,999 | 0.20% | 0.2002% |
| $1,000,000-$4,999,999 | 0.25% | 0.2503% |
| $5,000,000 & Over | 0.30% | 0.3004% |
| USD | ||
| Bands | Interest Rate | EAIR |
| 0-$4,999 | 0.05% | 0.0500% |
| $5,000-$9,999 | 0.05% | 0.0500% |
| $10,000-$24,999 | 0.05% | 0.0500% |
| $25,000-$49,999 | 0.10% | 0.1000% |
| $50,000-$99,999 | 0.15% | 0.1501% |
| $100,000 & Over | 0.20% | 0.2002% |
How is interest calculated on funds in my JN Wealth Optimizer Account and paid?
Interest on your savings is calculated on the minimum monthly balance and credited quarterly. This is unlike our other regular savings accounts on which interest is calculated daily and paid annually.
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.
| ACCOUNT NAME | Regular Savings Accounts | JN Wealth Optimizer (Regular Savings Account) |
|---|---|---|
| CURRENCY | JMD | JMD |
| OPENING AMOUNT | $2,500 | $5,000 |
| MINIMUM BALANCE VIOLATION FEE | N/A | Account balances which fall below the minimum opening amount will incur a monthly fee of JMD $150.00 (GCT included) |
| INTEREST CALCULATION & PAYMENT | Interest calculated on the average daily balance and credited annually. | Interest will be calculated on the minimum monthly balance and credited quarterly. |
| INTEREST RATES | Bands————————Interest Rate 0 – 49,999————————0.05% 50,000 – 99,999—————–0.05% 100,000 – 199,999————–0.10% 200,000 – 249,999————–0.20% 250,000 – 499,999————–0.35% 500,000 – 999,999————–0.45% 1,000,000 – 1,999,999———-0.60% 2,000,000 – 4,000,000———0.65% 5,000,000 and Over————-0.75% |
Bands ($) ——————Interest Rate
0 – 249,999 ———————0.10% |
| DEBIT CARD ACCESS | YES | YES |
| EXAMPLE: Starting amount $100k for 1 year with additional deposits of $5,000 monthly |
$191.45 (gross interest at 0.15% p.a.) | $485.62 (gross interest at 0.38% p.a.) |
| ACCOUNT NAME | Regular Savings Accounts | JN Wealth Optimizer (Regular Savings Account) |
|---|---|---|
| CURRENCY | USD | Â USD |
| OPENING AMOUNT | $100 | $100 |
| MINIMUM BALANCE VIOLATION FEE | N/A | Account balances which fall below the minimum opening amount will incur a monthly fee of USD $1.00 (GCT included) |
| INTEREST CALCULATION & PAYMENT | Interest calculated on the average daily balance and credited annually. | Interest will be calculated on the minimum monthly balance and credited quarterly. |
| INTEREST RATES | Bands —————————-Interest Rate 0 – 199 —————————0.00% 200 – 24,999 ——————–0.05% 25,000 – 49,999 —————-0.10% 50,000 – 99,999 —————-0.15% 100,000 – 149,999 ————–0.20% 150,000 – Over ——————0.25% |
Bands ($)————————- Interest Rate 0 – 4,999 —————————0.05% 5,000 – 9,999 ———————-0.05% 10,000 – 24,999 ——————–0.05% 25,000 – 49,999 ——————–0.10% 50,000 – 99,999 ——————–0.15% 100,000 & Over ———————0.20% |
