Bank of Montserrat Limited, in collaboration with the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Currency Union (ECCU), is pleased to announce the launch of the First Step Savings Account, effective September 1, 2025. This new account is part of a region-wide initiative designed to increase financial inclusion and make it easier for citizens and residents to open and maintain a bank account.

The First Step Savings Account directly supports individuals who have previously been unbanked or underserved by the financial sector. It provides them with access to essential banking services that improve both personal financial management and participation in the wider economy.

Account Features:

No opening fee
No minimum deposit required
Minimum interest rate applies

Full access to:

Point of Sale (POS) transactions
Bill payments
Automated Banking Machine (ABM/ATM) services
Electronic Funds Transfers (EFTs)
E-Commerce purchases

Simple Requirements for Opening an Account:

One (1) valid government-issued ID
Proof of address
Proof of source of funds
To open a First Step Savings Account, individuals can visit Bank of Montserrat Limited in Brades with the required documents. A member of our team will assist with completing the application and attestation forms on-site.

Eligibility:

This account is available exclusively to individuals within the Eastern Caribbean Currency Union who do not currently own a bank account in Montserrat or elsewhere in the ECCU.

Commenting on the initiative, Bank of Montserrat Limited officials reaffirmed the institution’s commitment to making banking more accessible. “The First Step Savings Account represents a practical solution for people who, until now, have found it difficult to enter the formal banking system. It’s about giving every individual the opportunity to take their first step towards greater financial empowerment,” General Manager Josephine George noted.

The initiative follows a regional launch earlier this year in which ECCB and ECCU financial institutions jointly committed to advancing the ease of account opening. Senior banking leaders across the region have highlighted the importance of this product in encouraging savings, simplifying payment processes, and strengthening the financial sector across all member territories.

For more information, visit Bank of Montserrat Limited in Brades or call 664-491-3843.

About Bank of Montserrat Limited

Bank of Montserrat Limited, established in 1988, is the island’s national bank, providing trusted financial services to individuals and businesses. The Bank is committed to economic empowerment and national development through community-focused initiatives in health, education, culture, and sports.

About the Eastern Caribbean Central Bank (ECCB)

The Eastern Caribbean Central Bank (ECCB) was established in October 1983. It serves as the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.