Nest Egg Investor’s Account
- Minimum opening amount – J$50,000.00
- Maximum principal investment of J$1M is allowed per calendar year.
- Investment cannot be transferred during the 5 years to another institution without losing the tax-free benefit
- Investment cannot be used as collateral
- Each new investment is the start of a new 5 year period
- Current interest rate – Use rate sheet, rates are applicable for 3 months and then possibly changed, depending on market conditions (negotiated rate must be approved by management)
- Interest is not compounded
- Interest is Tax Free if principal is held for 5 years
- After 5 years, investor has to give instructions to restart the account (maximum J$1M)
- as a new Nest Egg account
- Underlying securities – GOJ paper
TERMS AND CONDITIONS
- No withdrawals allowed for the first 9 months (by order of govt.), thereafter a maximum of 75% of the interest accrued. If the withdrawal exceeds this amount, the investment is no longer tax-free and should be moved into our fixed income a/c or savings club depending on the remaining balance.
- You can add to your account at any time through salary deduction, standing order or your own cheque. Contibutions can also be made at any branch of Sagicor Bank or through the online banking platforms of NCB, Sagicor and CIBC FirstCaribbean Bank.
- Statement Frequency: Quarterly