Top 3 Savings Accounts in Trinidad and Tobago (2020)

best savings accounts Trinidad and Tobago

Trinidad and Tobago has a really healthy banking system, a stable currency, and an overall great environment for people looking to save money and earn interest on their deposits.

The annual yield may not be very high, but the country has a very healthy banking sector without as much risk as other countries — the only real danger to the nation is it being nearly entirely just a handful of meters above sea level, making climate change a threat to the country in the long-term.

Overall we’d trust our money in any bank from Trinidad and Tobago, however not all banks operating in Trinidad or Tobago are from and owned and operated from Trinidad and Tobago. We do not trust foreign-banks as much, and the rates they offer aren’t as good — so all the accounts covered here are local banks that we personally would gladly keep our savings in.

Our Overall Top Choice: Eastern Credit Union's Jade Account

This would be — and is — our personal choice for banking in Trinidad and Tobago. Eastern Credit Union is the most trustworthy and transparent bank in the country in our opinion, and has one of the best interest rates of any of the banks in Trinidad and Tobago. They also have great mortgage and loan rates, and an amazing long-term investment and savings option with their share savings accounts which pay dividends that are very high (3% -> 8%) per year and retain their value over the long-term.

There’s no real downsides to this account other than that they don’t have rural branches/locations in small villages/towns, but rather only in the top 5 or so cities in Trinidad and Tobago. They have a location within a few km of most residents in Trinidad and Tobago though, so this shouldn’t be an issue for most people.

What we personally would do is put our first $15,000 -> $20,000 TT ($2000 -> $3000 USD) in their Jade Savings Account that offers 0.5% to 1.5% interest rate per year, then invest/save another $25,000 to $30,000 TT in their share-savings account that has a higher yield of 3% -> 8% per year or so before investing in other equities or real estate in Trinidad or Tobago. This is because with their share-savings account you can’t necessarily access the money right-away if you need it, while with the Jade Savings Account you can withdraw the money any day if you need it for a purchase.

An Overall Good Choice: Rhand's Flex Deposit Account

While we prefer Eastern Credit Union, this would be our second choice for banking (and saving in particular) in Trinidad and Tobago. They aren’t quite as transparent as Eastern Credit Union from what we could find, however their rates are about the same as Eastern Credit Union, between 0.5% and 2.25% depend on if you go with their regular savings deposit account, or the Flex deposit account with the 6 month term options (what we’d use if we banked with Rhand). You can check the current rates for their accounts on this page of their website, or by contacting them directly.

The main downside with Rhand is they only have a few locations throughout the country, so if you don’t live in the top 3 cities you’d have to travel quite far to a physical branch/location. If you’re close to one of their branches/locations though we would say this is a great account for you — we only prefer Eastern Credit Union over Rhand because they are a little more transparent about their shares savings account and more importantly (for us) they have more locations throughout the country — which due to us liking to move around a lot and travel — it is quite important for us.

If we banked with Rhand we’d probably keep around $10000 TT in their normal deposit account and another 30,000 in their flex deposit account, and maybe buy some shares as well with them after that — or simply put the rest of our money in stocks/equities/investments after we hit those goals.

Best For Rural Residents: First Citizen's Classic Reward Savings

If you don’t live in one of the larger cities/towns in Trinidad or Tobago and want a bank that’s closer to where you live then First Citizens is the next best option to the above accounts in our opinion. They’re not a credit union, but instead are a for-profit public company, however they’re an exclusively Trinidad and Tobago bank, so they’re much safer than other non credit union banks in the country.

They offer a relatively standard interest rate, nothing special, at 0.05% -> 0.8%  on deposits depending on how much money you have deposited with them, which just isn’t very good. That’s standard for most banks in Trinidad and Tobago though, so unless you bank with a credit union don’t expect to find much better at any other bank.

If you use this account we’d say you should only keep $15,000 TT in this account before looking for more lucrative long-term savings and investing options such as real estate or stocks/equities. You can apply for this account online from their website by clicking here.