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EDUCATION SAVINGS PLAN ACCOUNT
Earn 5%
per annum credited monthly
This Education Savings Plan is a product
designed for members to have sufficient funds to meet all their
Education expenses.
The members contribute monthly towards this
account and at the same time earn high interest monthly. With this in
mind, your savings will be growing as the interest is compounded in
order to meet your Educational needs.
DURATION
OF THE ACCOUNT
The account is continuous, with cycles of
one year.The period runs from June in one year to
May the following year, and the cycle will resume from June.
WHEN WILL
I RECEIVE MY FUNDS?
All funds invested during the period (June
to May) plus interest will be paid to you by the third week in June.
HOW IS
THE INTERESTED CALCULATED?
Interest is calculated on the monthly
balance. The gross interest together with all your
contributions will be paid to you – there are no hidden charges.
HOW MUCH
CAN I CONTRIBUTE?
Minimum contribution of fifty dollars
($50.00) per month. The more you save, the more interest will be earned
and the more you will have available to spend. A fixed monthly payment
is recommended.
HOW CAN I
PAY INTO THIS FUND?
Here are several methods for you:
1. Just fill out a Deduction
Authorization Form and we will credit your account with the amount
received.
2. Standing orders from banks or other
places of employment can also be used to contribute in the account.
3. Over the counter payment using bank
cheques/cash can also be used.
4. Periodic transfer from your deposit
accounts.
HOW DO I
OPEN AN ACCOUNT?
This is simple, all you have to do is to
complete the application form for the plan together with the Deduction
Authorization form and submit to the Credit Union Office. Application
forms are also available from your Liaison Officer.
WHAT
ABOUT WITHDRAWALS?
To gain maximum benefit from the account,
we advise that members retain their contributions until the end of the
period.
However, in special circumstances
withdrawals can be made during the period but this will affect the
amount of interest earned and the amount of funds available for your
Children’s educational needs.
Be
prepared for your children’s success
No need for an
Education loan.
Make a new
investment and save today.
JOIN NOW!!
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