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Jamaica National Transforms Savings Options

KINGSTON, Jamaica – The rapidly changing economic climate in Jamaica demands that savers, in any financial institution, who want to achieve the best returns on their investment, review their personal options, and pursue a savings plan that is consistent with their individual lifestyle goals.

“Against that background, Jamaica National Building Society (JNBS) has developed and launched an innovative concept, the JN Lifestyle Savings Options, to empower JN members to make the best returns on their investment,” Leon Mitchell, JN Group Marketing and Promotions Executive, announced at a marketing meeting, last Friday.

He said that the Lifestyle Savings change process will officially take place on April 11, 2011; however, during the next two-week period, JN Group Marketing will carry out an intensive, proactive internal and external campaign, to assist employees and members to capture the vision.


Leon Mitchell

“The Lifestyle Savings Plan is a major overarching and conceptual departure from the Society’s pervious focus on “savings products,” he declared. “In other words, we are asking our members to focus on their immediate and future needs with the Society; rather than on their respective savings accounts, at this point.”

He declared that the overriding objective was to encourage members to “avoid paying fees,” by opting for a savings plan; and be more consistent in their use of–the LIVE by JN online banking portal, the JN Teller 24/7 Card, JN ATMs, the new JN Express locations, the JN Drop Boxes, while maintaining the minimum balances on their respective accounts.

“The Lifestyle Savings Plans will be rolled out in three main categories,” Mr. Mitchell stated. “Therefore, as of March 28, members of the Society can opt to manage their current savings portfolios within the following categories—the JN E-Plan, JN Prime Plan, and JN Private Plan, under which members will be offered special incentives.”

For example, the Marketing Executive explained that under the JN E-Plan, members can conduct their transactions via alternate channels, such as—LIVE by JN, ATMs, POS and Drop Boxes. They must also maintain a minimum balance of J$2,500 in their account; will enjoy the e-Savings Interest Rate and have access to special promotional discounts. However, if the member does an in-branch transaction, fees will be applied.

“And, if there are any defaults in the system, members will receive “free in-branch transactions,” he said.
There is The JN Prime savings plan, which is targeted to members who are over the age of 60 years and who maintain a minimum balance of J$2,500 in their regular savings account. JN Prime Members will also enjoy the E-Savings Rate, convenience, cost savings, two free in-branch transactions per month, as well as other incentives.

And, high net-worth members, who select the JN Private Plan, they will need to maintain a minimum balance of J$2 million. Some of the main benefits of this plan include—enjoyment of the E-Savings Rate, convenience, cost savings, passbook optional, three free in-branch transactions per month; personalised banking service and 50% discount on membership in the Jamaica Automobile Association (JAA).

As part of the Society’s ‘going green’ initiative, “For all of these plans, passbooks will be optional for new members,” Mr. Mitchell outlined, “However, existing members will be required to take their passbook to conduct their transactions.”

In addition, there is a fourth savings category called the JN Classic. Essentially, all members who do NOT select a savings plan, whether the E-Plan, JN Prime or JN Private Member, will be placed in the JN Classic. And, under this category, the standard interest rate will be applied to their savings products.

The Marketing Executive advises members that the new Lifestyle Savings concept is a clear opportunity to achieve the best savings options, avoid paying fees, take full advantage of the electronic interface with the Society through its online banking portal, and improve their own time management.

And, he said that, “JN Managers, Tellers and other JN employees have been fully briefed about the Lifestyle Plans; and are geared to assist members to develop their understanding of this new approach to enhancing their savings objectives.”

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