VMBS Products & Services
VM Save2Grow
Learn 2 Save and Save 2 Learn
The VM Save2Grow Programme has a twin objective: to empower youth to save and learn as they grow. VMBS' goal is to assist members even at their earliest stages, with a view to developing long-term relationships, while providing incentives for students, teachers and schools.
TheVM Save2Grow offers three specially designed savings growth plans-
the Junior Plan, Future Plan and Master Plan- aimed at encouraging young Jamaicans
to develop the discipline of saving for the future from the Preparatory/Primary age; to Secondary;
to Teritary levels of school.
INCENTIVES
Incentives will be given to the Students, School Administrators and Schools at the end of every school year to encourage consistent savings including Savings Gift Certificates and Awards to the Top Male and Female Savers, Top Saver by Parish, Top Saver by School and Top School Administrator in each Parish. Bonus interest will also be paid annually as an incentive to the Top School by Parish and the Top Overall School in the island. Student savers can also qualify for scholarships under each Grow Plan, as outlined below:
SAVINGS GROWTH PLANS
JUNIOR PLAN
Your children are never too young to have their first savings account. With a JUNIOR PLAN savings account from The Victoria Mutual Building Society, you can give your children a "HEAD-START" by helping them to save a little at a time until they are old enough to set aside regular budgeted amounts. By the pre-teen years, you can help your children understand the importance of saving for their future with VMBS. The Junior Plan savings account is specially designed for children up to 11 years of age. This is an ideal way to watch your children’s savings grow with them to maturity.
Features and Benefits
- Start with as little as J$200 and earn attractive interest rates
- Flexibility of lodgements and withdrawals
- Interest calculated daily and paid annually
- Savings are safe and secure with Deposit Insurance
- Must have an adult as a joint holder
28 Junior Plan savers on the VMBS school savers’ programme can also win 5-Year VMBS GSAT HEAD-START Scholarships.
Three individual Junior Plan Savers can also win a 5-Year Junior Plan HEAD-START Scholarship to attend a local secondary school.
FUTURE PLAN
With a bright future ahead of you, VMBS offers a savings plan that will help you achieve your goals and realize your dreams. The FUTURE PLAN savings option is exclusively for persons 12 to 17 years of age and is ideal for saving towards tertiary education, owning your home, buying a car and any other future goals.
Features and Benefits
- Start with as little as J$200 and earn attractive interest rates
- Flexibility of lodgements and withdrawals
- Interest calculated daily and paid annually
- Savings are safe and secure with Deposit Insurance
- On reaching 18 years, if you maintain your account, you will have easy access to a Share Loan and qualification for a Mortgage Loan
With a FUTURE PLAN savings account, you could also win one of three 3-Year VMBS Future Plan HEAD-START Scholarship to any local tertiary institution.
MASTER PLAN
The MASTER PLAN savings option is for our savers 18 years and over. With this savings plan, specifically geared to meet your growing needs, we can help you prepare for any of life’s financial challenges. You can save towards purchasing your own home; your children’s education, medical emergencies, a vacation or any other responsibility life throws your way.
Features and Benefits
- You can open with as little as J$200 and earn attractive interest rates
- Flexibility of lodgements and withdrawals
- Interest calculated daily and paid annually
- Enjoy 24-hour access to funds and other services in Jamaica by using your Express24 ABM card
- Savings are safe and secure with Deposit Insurance
- Qualification for a Mortgage Loan
- Enjoy easy access to a Share Loan
Master Plan savers can also qualify for a 3-Year VMBS Master Plan HEAD-START Scholarship to pursue tertiary studies in their chosen fields or get a start in achieving their entrepreneurial goals.
* Conditions apply