VM Money Maker Account

The VM Money Maker Account is a high-yielding long-term savings account for persons wishing to save towards long-term goals and, at the same time, enjoy tax-free benefits on interest earned.

Features

• Minimum opening balance of J$25,000
• Five-year, high interest-yielding instrument
• No tax withheld on interest earned
• Maximum withdrawal on interest is 75% p.a.
• If tax-free status is to be maintained, withdrawal from the principal sum is not allowed before 5 years
• Maximum deposit amount is $1,000,000 per annum
• Although the currency type is Jamaican dollars, US Dollars, Canadian Dollars and UK Pound Sterling may be accepted, but these will be converted to Jamaican dollars at the applicable rate of exchange.
• At maturity, funds may be withdrawn without losing tax-free status, or renewed for a further 5 years

Benefits

• The only Jamaican resident account that is exempt from withholding tax
• An affordable opening balance
• Attractive interest rate of  7.15%
• The convenience of opening several Money Maker Accounts, providing the amount does not exceed $1,000,000 p.a.
• Interest accrued daily
• Funds insured by the Jamaica Deposit Insurance Corporation (JDIC)

Requirements

The Jamaican Government regulations require that:

• Customers must present their tax registration number (TRN) when opening this account
• Information on these accounts must be forwarded to the Ministry of Finance
• Tax-free status be discontinued if the customer withdraws from the principal before maturity or if he withdraws more than 75% of the interest paid within a calendar year

* Conditions apply