Long Term Savings Accounts

FGB Long-term Savings Account
Are you looking for a long-term savings option that gives you the opportunity to enjoy tax-free returns? Then the FGB Long-term Savings Account (FGB LSA) is the solution for you.

What is the FGB LSA?
The FGB LSA is the savings account that allows you to deposit your money and receive the returns on your deposit, tax-free, once each deposited amount remains in the account for a minimum of 5 years.

Why should I open an FGB LSA?
The FGB LSA is ideal for those savers who have long-term goals of owning a home, saving towards their children’s education, or saving towards retirement.

How much am I allowed to deposit in my account?
In order to receive the tax-free benefit, you are allowed to deposit no more than J$1 million per taxpayer registration number (TRN), per annum for 5 years. Any funds deposited over that amount will be subject to taxation.

To get more information on the FGB LSA and to determine if it is the right option for you, call or come in and speak with your First Global Bank representative today.

Certificate of Deposit
For those savers who wish to receive a guaranteed interest rate on their money, for a specific period of time, the ever popular certificate of deposit (CD) is the option for you.

What is an FGB CD?
A CD is a bank instrument in which you place your money for a specific period of time and receive a pre-determined interest rate. The interest rate you receive will be based on market conditions, the amount of funds you deposit and how long you place your funds.

Why should I open an FGB CD?
An FGB CD takes the guesswork out of saving in a virtually risk-free instrument. It gives you the opportunity to lock in your funds for a specific time period and allows you to earn a rate of interest that is higher than what you would have received in your regular savings account. This product is ideal for those with medium to long-term financial goals, such as buying a car, going on that much-needed vacation or saving towards the purchase of your own home.

May I make withdrawals from my CD?
Since your funds are locked for a pre-determined tenure, at a specific interest rate, if you seek to withdraw your funds you will have to pay a penalty fee. Therefore, the longer you allow your funds to remain in a CD, without breaking its tenure, the greater your return.

To get more information on the FGB Certificate of Deposit and to determine if it is the right option for you, call or come in and speak with your First Global Bank representative today.

FGB Type "A" Account
If you are an overseas resident and looking for a deposit instrument that gives you tax-free returns on your savings, ask us about our Type "A" Account.

What is an FGB Type "A" Account?
These accounts operate like your typical savings instrument, that is, you deposit your funds for a fixed tenure, at a pre-determined interest rate. At the end of your tenure, you receive your returns tax-free. The Type "A" Account is denominated in US dollars and it is especially important to remember that the account is only open to persons who are non-residents of Jamaica.

Why should I open an FGB Type "A" Account?
For overseas residents seeking a tax-free way to save towards their medium to long-term goals, these accounts offer the ideal solutions. The returns give you the opportunity to save towards retirement, home ownership or educational needs.

May I make withdrawals from my FGB Type "A" Account?
This account operates similar to a certificate of deposit, in that if you break your pre-specified tenure and make a withdrawal, you will have to pay a penalty fee. Therefore, a long-term commitment to saving ensures that you maximize your returns.

To get more information on the FGB Type "A" Account and to determine if it is the right option for you, call or come in and speak with your First Global Bank representative today.