MINOR ACCOUNT
This type of account is primarily opened by a responsible party in the name of minor under the age of 18 years. The responsible party manages all aspects of the savings accounts until the person decides to hand over the account. The responsible party may contract loans but only within shares (maximum loan size being amount in share account). Dividend is paid as per what is declared annually.
YOUTH ACCOUNT
This type of account can be opened by a young person on their own once they have attained the age of 16 years. It does not require a responsible party nor can it be used as collateral for any loan nor can a loan be granted until the age of 18 years or more. Dividend is payable as per what is declared as annually
TERM DEPOSIT ACCOUNT
This is a fixed term savings account that is paid annual interest at the going rate upon maturity. The rate is set by the Board of Directors and may be used as collateral for a loan. Should you break said term deposit, you forfeit any interest payable
EDU SAVE ACCOUNT
A special interest bearing savings account that can be opened by a responsible party or young person age 16 to 18 years for the sole purpose of saving for educational expenses. Interest in paid quarterly at 5% for savings balance of $500 or less and 3% for savings over $500. A maximum of $1,000 can be saved to this account yearly
