JNBS Increases Interest Rates
The Bank of Jamaica interest rate adjustment to open-market instruments has created a high degree of buoyancy in the local savings market and Jamaica National Building Society (JNBS) is among the first financial institutions to increase interest rates in response to this move. The Society announced an increase in interest rates its local currency Premium Club savings accounts.
As of January 16, rates on JNBS Platinum, Gold, and Silver accounts move from 11.5% to 12.75%; 11.25 % to 12.60%, and 11% to 12.30% respectively. The rates of increase outweigh the 1% adjustment by the Bank of Jamaica. Interest on these accounts is paid twice per year.
“This is a move to ensure that our members continue to reap maximum returns on their savings and investments. With a strong focus on member benefits, we are continuing on our drive to bring optimal returns to our savers,” Earl Jarrett, General Manager of the Jamaica National Building Society (JNBS) emphasised.
Speaking further, the JNBS General Manager pointed out that JN’s “passbook savings products compete with Money Market instruments, which offer the flexibility of easy access to funds, in addition to competitive rates.”
“It is therefore critical that the Society maintains its competitiveness in this segment of the market by offering attractive savings and investment options to its members,” he declared.
Mr. Jarrett noted that the Premium Club suite of accounts is one way of leveraging local currency savings as a nest egg.
“The Premium Club accounts are a safe long-term savings option which provide superior rates of return while maintaining the flexibility of traditional passbook accounts,” he pointed out.
“In the current financial environment our Premium Club Accounts represent a very safe, attractive option. Coupled with the interest rate, the accounts are insured by the Jamaica Depositors Insurance Company (JDIC) and are backed by JN’s history of security, safety, and stability,” the General Manager stated.
Last year JNBS launched the Premium Club accounts which offer the highest interest rates among JN’s savings products.
With an asset base of some $55 billion dollars as at March 2007, JNBS is the Caribbean’s largest building society. JNBS opened more than 50,000 new accounts in the last financial year, and recorded a 23% increase in its savings fund during that period. JNBS provides highly personalised financial solutions at its twenty four (24) branches and four (4) Money Shops islandwide.