Christmas Saving Plan
This product is for members who wish to save regularly throughout the year. The minimum deposit to open the
CSP is one hundred and fifty Eastern Caribbean Dollars ($150.00 XCD). The interest rate is 2.75% per annum
and is calculated using standard methods.
In an effort to encourage members to maintain their savings, the Christmas Saving Plans (CSP) will only be available for withdrawal from the 01st December 2020. Interest will be paid out up to the maturity time funds are held in the account. The maturity date, December 1st, 2020. Withdrawals before December 1st, 2020 will result in the loss of all interest earned for the period and all funds will be transferred to member’s ordinary deposit (D0).
At maturity date, December 1st, 2020 all funds (including interest) will be held in the CSP unless members withdraw to their ordinary deposit (D0). Members should be encouraged to save or reserve 10% to 100% of CSP savings for the year to the subsequent year i.e. 2021.
Should you require further clarification please do not hesitate to call or email.
Thank you for your review and be guided accordingly.