Top 3 Best Savings Accounts in Jamaica (2020)
Jamaica has many decent savings accounts, although the rates they offer aren’t that high compared to other countries. This is due to Jamaica’s Government having a relatively low interest rate on the bonds they deploy, making banks not have as much to pass down to you.
Because of this while there’s some decent accounts that we’ll go over below we’d still say if you have substantial sums of money, more than a few months of your living expenses, then you should invest it in real estate or stocks/equities/gold/silver rather than in a savings account, as in the long-term they would preserve your wealth better than a savings account. We’d still say holding 3-6months of your living expenses in a savings account is a good idea for the vast majority of people.
Best Simple High-Yielding: JMMB's Bonus Saver Account
This is the account I’d recommend for most people — it gives you a fantastic interest rate (compared to other Jamaican banks) and it’s only caveat/condition for that is that you make deposits frequently to build your savings and you can’t withdraw more than 3 times per month. You never really need to withdraw more than once or twice per month for a savings account, and you should deposit monthly to build up your savings at least until you have a substantial savings of many many months of all your expenses combined. Even then it doesn’t hurt to add a little every month, so this requirement shouldn’t be an issue.
JMMB’s Bonus Saver account yields about 0.75% to 1.5% depending on how much money you keep in the account — and periodic bonuses for some customers (if you meet the conditions of the account) of 0.25% or so bonus interest.
This is the only account by JMMB that I’d say is worth signing up for, as their other savings accounts offer mediocre interest rates in general regardless of how much money you keep in them. You have to go into a physical location to sign up for this account, however it should be able to be opened at any established location.
An Overall Good Account: NCB's Sunshine Savings Account
If you don’t want to be bothered with making consistent deposits, or simply do not like JMMB as a bank, then this would probably be the best option for you — it has modest competitive interest rates compared to most banks in Jamaica, which is only between 0.5% and 0.9% depending on how much you keep in the account (likely only 0.05% -> 0.4%).
The interest rate they offer isn’t why I’d say this would be the next best account for most people — rather they are one of the biggest mortgage providers in Jamaica, so if you plan on ever buying/investing in a home or apartment or some form of real estate in the future it may be worth going with NCB as they’re known to give preferential treatment to people who have savings accounts with them, often giving them slightly better loan rates and less fees when originating a loan.
The account also has minimal to no fees, and in general use you wouldn’t have any fees charged to your account. You can apply on NCB’s website online by clicking here.
Best Long-Term High-Networth Account: JN Bank's Direct Gain Account
For most people this account doesn’t make sense, as the other accounts provide higher returns and better privileges with less restrictions — however if you have 500,000 Jamaican dollars (about 4000 USD) and want to lock it up longer term, you can earn better rates by using this account. We’d say stick to primarily 1 month term loans, as they’re less risky in our opinion, even though the bank often advises for the longer term 1-year terms. 1 Month term deposits yield around 1% per year, longer term ones can yield up to around 2%.
If you don’t have that much money, this account is absolutely not for you as it’s yield below that is worse than the above accounts and has more restrictions so there’s really no reason to go with this account if you have less than 500k Jamaican dollars or 4000 USD.
So if you have a high networth and want to keep a bunch of money in a savings account, you can sign up through this link or go into one of JN bank’s locations to do so if that’s what you’d prefer.