Effective October 30th, 2020, the following will take effect in regards to the “Penny Savers” account.
- The Penny Savers age range will be from 0 – 17 years of age.
- All Penny Savers account will be transferred to a Regular Savings account after the account holder reaches the age of 18.
- After transferring to a Regular Savings account, there will be no change to the interest paid on your account. You may also apply for other services such as Mobile Banking, ATM Card services, Mortgages and Consumer Loans.
- The Penny Savers account is to be used primarily as a savings account.
- A Penny Savers account will incur no monthly maintenance fee unless it becomes dormant.
- All active Penny Savers can benefit from the Bank’s Scholarship/Bursary programmes.
- Unlimited deposits can be made to Penny Savers accounts.
- Withdrawal and other transactional fees will apply.