Savings FAQs


While we regret that you are unable to qualify for this product at this time, we would be happy to keep your contact details on record for having an interest in saving with us. This will be valuable to you as, from time to time the Society will have similar special savings products available, and we would like for you to benefit from such offerings whenever they become available. In the interim, you have the option of depositing your funds in other types of savings/fixed deposit accounts with us. Otherwise we have the option of having your funds invested with our investment arm/subsidiary JN Fund Managers Ltd.(JNFM).

You would be happy to know that, once you are qualified as a UK resident (deemed a Jamaican non-resident), this special JN PRIME account offers a tax-free benefit to you, which means you are paid 100% of interest earned on your deposit. Other accounts in Jamaica are subject to a Government of Jamaica (GOJ) 25% Withholding Tax on interest earned on deposits in accounts. This means that, for every dollar (or UK pound) earned as interest, the GOJ is paid at source 25cents and the net amount of 75cents paid to you the accountholder. This special JN PRIME account allows for the full $1 (or £1) to be fully paid to you. Now, that is one smart way for you to maximize your earnings on your pool of funds. Note though that you (the accountholder) will be fully responsible, however, to comply with any and all applicable tax laws in your country of residence.

This special JN PRIME UK Account is a contractual savings account. Where an account holder wishes to close the account prior to the maturity of the account, that would constitute a breach of contract.

Refer to the terms and conditions of the account agreement:
“ Withdrawals from the account are allowed at maturity only. Any withdrawal allowed by the Society from the account prior to maturity will result in the closure of the account and a penalty equivalent to six (6) months interest will be charged regardless of the length of time the sum has been invested. Please note that if a penalty is applied it may result in the sum received being less than the amount deposited.”

This special JN PRIME UK account is a contractual (fixed deposit type) account. Withdrawals are NOT ALLOWED on this account. Where an accountholder wishes to gain access to a part of the principal, the JN PRIME UK Account will be closed and the equivalent to six (6) months interest penalty applied, irrespective of when the account was opened. The net amount is then transferred to the accountholder’s regular JN savings account.

Refer to the terms and conditions of the account agreement:
“Withdrawals from the account are allowed at maturity only. Any withdrawal allowed by the Society from the account prior to maturity will result in the closure of the account and a penalty equivalent to six (6) months interest will be charged regardless of the length of time the sum has been invested. Please note that if a penalty is applied it may result in the sum received being less than the amount deposited”.

Generally, your original deposit along with your agreed interest earned and bonus will be transferred to your regular JNBS savings account. The special JN PRIME UK account will then be closed.

Yes, accountholders are allowed to access our JN Term Share Loans by utilizing his/her JN PRIME UK Account (subject to the Society’s prevailing Term Share Loan policies and guidelines).

This special high-yielding savings instrument is intended for new funds/deposits only to the Society. Therefore, transfer of funds from an existing JNBS savings account will not be accommodated. Note though that transfer of funds from the Society’s investment subsidiary, JN Fund Managers Ltd., will be accommodated. Where a member intends to genuinely withdraw his/her funds for deposit to another institution and/or as a ‘rate-shopper’, the location Team Leader/Manager may use his/her learned selling skills to retain the funds.

Interest is payable every 6 months on this special account type on the original deposit amount during the agreed savings term of 1 year, 1 ½ years or 2 years. However, interest earned is not compounded as it is transferrable to another existing JNBS Savings Account provided by the accountholder. As an added benefit to accountholders, interest earned on this special JN PRIME UK Account is NOT subject to the standard prevailing Government of Jamaica’s 25% withholding tax.

Interest rate quoted is FIXED the benefit of which is, should interest rates fall in the market subsequent to the opening of this account, account holders will benefit from the fixed, higher interest earnings. Accountholders have the added advantage of benefitting from earning a bonus by simply maintaining the account for the agreed savings term.

Regrettably, no additional deposits can be made to the account during its tenure. However, we would recommend that, where account holders have additional funds for deposit, consideration can be given to depositing those funds in other relatively high interest bearing savings instruments with the Building Society (such as the JN Direct Gain term deposit contractual certificate of deposit savings account or Tax-Free 5-Year Instrument Long Term Savings Account, or any other similar special savings account that the Society may offer from time to time). Other option includes referral to the JN Group’s investment subsidiary – JN Fund Managers Limited – but this option is recommended when all viable options have been exhausted within the Building Society.

Yes, each member can elect to open more than one (1) savings account under this special savings offer and each will represent a mutually exclusive interest rate subject to the savings instrument selected by the prospect/member. Applicants can therefore have different savings terms per savings account as part of his/her personal money management strategy.

All prospects can visit or contact any JNBS UK Representative Office (or locally any JNBS Branch or Money Shop and place an offer to open an account for this special offer. Staff within each location will carefully profile the prospect or member to determine qualification to participate in this product offer prior to being given permission to proceed with the establishment of the account(s) per applicant. (The prospect will observe all KYC / new account and compliance requirements in establishing the new account)

This new product is open to anyone who is a UK resident with new funds for deposit GBP£1,000 or more.
Only new deposits will be accepted to open this special high-interest-bearing fixed deposit account. Therefore, transfers from existing JNBS savings accounts are not allowed.

Details for this promotion can be accessed several ways through:
-but primarily through our authorized JN Overseas UK Representative Office
-our JNBS Branches and Money Shops locally;
-our JNBS website www.jnbs.com
-our JNBS Member Care Centre using the various local and overseas Toll Free Numbers;
-direct email to select prospects and JN Members

This product is now part of the JN suite of savings/fixed deposit products. There is therefore no end date.

JNBS wishes to continue building and preserving the wealth of our valued members (savers) and prospective members locally and in the Diaspora. Valuable especially to the Building Society’s savings business, we found it necessary to offer an attractive set of incentives to our members and prospective members who are seeking higher than normal returns on their funds yet choose to deposit and maintain such deposits with the Building Society over a short term [1 year to 2 years and, eventually, longer].

A fixed high-yielding tiered savings rate ranging from 1.00% to 2.30%p.a. (with the added benefit of earning bonus of 0.25%-0.50%) is offered to these savers who will maintain their savings in a special type of non-traditional short-term Contractual foreign currency (GBP£) Fixed Deposit Savings Account (branded JN PRIME UK Account). Savers therefore have the option of earning up to 2.80% tax-free.

This new product has been added to the Society’s savings product line as of Wednesday June 11, 2014, and is geared towards growing and maintaining the JNBS savings portfolio.

You would be happy to know that this special JN PRIME account offers a tax-free benefit to you , which means you are paid 100% of interest earned on your deposit. Other accounts in Jamaica are subject to a Government of Jamaica (GOJ) 25% Withholding Tax on interest earned on deposits in accounts. This means that, for every dollar (our pound) earned as interest, the GOJ is paid at source 25cents and the net amount of 75cents paid to you the accountholder. This special JN PRIME account allows for the full $1 to be fully paid to you. Now, that is one smart way for you to maximize your earnings on your pool of funds. Note though that you (the accountholder) will be fully responsible, however, to comply with any and all applicable tax laws in your country of residence.

This special JN PRIME USA account is a contractual savings account. Where an account holder wishes to close the account prior to the maturity of the account, that would constitute a breach of contract.

Refer to the terms and conditions of the account agreement:
“ Withdrawals from the account are allowed at maturity only. Any withdrawal allowed by the Society from the account prior to maturity will result in the closure of the account and a penalty equivalent to six (6) months interest will be charged regardless of the length of time the sum has been invested. Please note that if a penalty is applied it may result in the sum received being less than the amount deposited.”

This special JN PRIME USA Savings account is a contractual (fixed deposit type) account. Withdrawals are NOT ALLOWED on this account. Where an accountholder wishes to gain access to a part of the principal, the JN PRIME USA Account will be closed and the equivalent to six (6) months interest penalty applied, irrespective of when the account was opened. The net amount is then transferred to the accountholder’s regular JN savings account.

Refer to the terms and conditions of the account agreement:

“ Withdrawals from the account are allowed at maturity only. Any withdrawal allowed by the Society from the account prior to maturity will result in the closure of the account and a penalty equivalent to six (6) months interest will be charged regardless of the length of time the sum has been invested. Please note that if a penalty is applied it may result in the sum received being less than the amount deposited.”

Generally, your original deposit along with your agreed interest earned and bonus will be transferred to your regular JNBS savings account. The special JN PRIME USA Savings account will then be closed.

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