VMBS gives Students a Head-start with Save2Grow Plan

Monday, May 16, 2008

The Victoria Mutual Building Society (VMBS) has re-launched its school savings programme aimed at empowering young Jamaicans to learn and save as they grow. The programme, re-branded as VM Save2Grow is designed to benefit students currently enrolled at the Primary, Secondary and Tertiary levels and will provide incentives such as Scholarships, Bonus Interest and Gift Certificates to students, teachers and their schools in an effort to promote a culture of savings.

According to Senior Vice-President, Group Marketing & Corporate Affairs, Michelle Wilson-Reynolds, “VMBS believes that the discipline of saving requires practice, so we are providing the Save2Grow plan as way of nurturing our young people and encouraging them to develop the habit of saving as they learn. At VMBS, we strongly believe that it is never too early to start saving.”

VM Save2Grow offers three specially designed growth plans- The Junior Plan (0-11 years), The Future Plan (12-17 years) and Master Plan (18 & over), all designed to encourage students to save while they pursue their academic studies. Each growth plan offers students the opportunity to qualify for scholarships to further their education. This year, at the Junior Plan level, 28 student savers (2 from each Parish) who perform exceptionally well in the GSAT Examination will be awarded five-year high school scholarships. Three individual savers will also be awarded VMBS GSAT “Head-Start” 5-Year Scholarships as Top Junior Plan Savers in each county. Student savers with a Future Plan account can qualify for one of three Future Plan “Head-Start” 3-Year Scholarship to any local tertiary institution and Master Plan savers can qualify for a 3-year Master Plan “Head-Start” Scholarship to pursue tertiary studies at any local university.

As an added incentive, each school will be assigned a Relationship Manager, who will provide guidance and financial savings advice. The Society will also open Corporate Accounts for each participating school.

Students can open their VM Save2Grow account with a minimum of J$200 and enjoy the flexibility of having weekly deposits collected at their school by a designated teacher/administrator. To open a VM Save2Grow account customers may visit any of the 15 VMBS branches.

For more information on VM Save2Grow and other products and services contact the VMBS TeleCare Centre or visit the VM Save2Grow page.