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Let’s look first at Savings Options. We can give you three options. Our Internet Account earns you interest from your very first dollar deposited. You don’t have to maintain a minimum balance and you earn a good interest rate from the start. Interest calculated daily and paid into your account monthly. You always have immediate access to you money by using the Internet, Text, or Telephone banking. What’s more there are no account or transaction fees.
    With our Stairs Saver scheme, the more you save the higher interest you earn. Again, there is no minimum balance but as your balance grows, you’ll earn higher interest rates. There are three interest tiers or steps plus bonus interest. Interest is calculated daily and paid monthly. Now, what about access to your money? You are free to make as many withdrawals as you like but if you restrict them to one a month and your balance increases over that month, then you’ll earn that bonus interest.
    With our Simple Saver scheme, access is available anytime and we don’t impose penalties for withdrawals. This scheme has one interest rate, no minimum balance and interest is calculated daily and paid annually at the end of the financial year—the 30th of June. So, you can see that savings accounts are ideal if you’re starting from scratch. Do you know you can open a savings account with as little as ten dollars? They’re usually the best choice for short-term financial goals.
    For the longer term we recommend some kind of investment account. Let’s take a look at our investment options. Starting with the safest...the most secure, low risk option is a basic Term Deposit, starting with a minimum deposit of $1,000. Interest is calculated daily but you can choose whether to have it paid out monthly, quarterly or at maturity. What we recommend, if you really want to see money grow, is having interest compounded quarterly. You’ll only get access to your hands when your Term Deposit matures so be sure to think carefully about the amount of time before you lock it away—it could be anything from 6 months to 5 years.
    Bonds are generally a longer commitment but they may bring better rewards in the future. There is a minimum deposit of $5,000 and interest is calculated daily. You may choose to have interest compounded quarterly or paid out quarterly. And, of course, you’ll have access to your money when your Bond reaches maturity.
    Looking really long term, there is our Retirement Fund which is of course a savings plan for retirement. There is no minimum deposit but the good news is that you can choose to contribute a certain percentage of your income before tax is paid on it. As for interest, well, you choose a particular type of fund, which has a different level of return depending on the level of risk. And access? Well, not before you turn 60 years old. As I said, it’s a retirement scheme.