Children & Youth Accounts

A Communal savings account is a good way to start your child on the road to good financial management habits. Open a Communal account for your child today where they can watch their savings grow.

Educational Savings Plan

You can start to prepare for every level of your child's education with a Communal Education Savings Plan.

Start with at least fifty dollars($50.00), and save as much as you can afford after that. No fixed monthly contributions are required. Interest is compounded and paid quarterly. A bonus will be added to the plan as an additional benefit to members.

Education is the key to success. Make an investment in your child's future by opening an Education Savings Plan today!

Exam Fees

The Exam Fees Savings Plan is designed to assist parents and Guardians in paying their children's exam fees. Whether G.C.E., CXC's or others.

These fees are normally payable in November. You may start to save from January to (or earlier) October 31st. Withdrawals are not allowed until November 1st.

You save a minimum of $600 over the period to cover the fees.

Interest accrues monthly.

If the exam fee is more than the $600 you save, the Communal will give you an unsecured loan equal to the amount saved to be payable within 12 months. A signed salary deduction will be required for the loan to be signed. The plan is designed for the present 4th formers who will be in the 5th form by September of the next year. You may start to save for the 3rd formers exam fee from now. So plan ahead and start now.

Piggy Bank Savings

Create a "Money Smart" child by helping him or her learn the importance of saving through a Communal Piggy Savings Account. Fill out an application form in your child's name and start with as little as $50.00.

A free piggy bank is given to the child to save their money when the account is opened.

When the piggy bank is full, bring it in to any one of our branches and deposit the funds to the account. Interest is paid per annum, and the child will be required to become a member at age 16. Children should be taught to save. Open a piggy savings account today and let your child see their money grow!

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