Education savings investment
Build Your Retirement. On Your Terms.
Are you 18 or older?
It’s time to start building your retirement nest egg with a secure, structured plan designed to grow with you.
The Individual Retirement Account (IRA) from Bank of Montserrat Limited helps you save consistently, earn interest, and prepare for the future you want.
Why Open an IRA?
How It Works
- Start saving monthly with a minimum contribution of EC$100
- Contributions continue for a minimum of 10 years
- Retirement age options begin from 55 years
- Withdrawals are structured to support long-term financial security
This is not a quick savings account. It’s a long-term plan designed to build real financial strength.
Additional Features
- Contributions are deducted monthly for convenience
- Annual statements keep you informed of your progress
- A grace period is available in cases of job loss, study leave, or illness
- Early access may be granted in exceptional circumstances
- Contributions can continue beyond standard retirement age if desired
Key Benefits
1. Earn Competitive Interest
Your savings grow over time with attractive interest rates, including enhanced rates for mortgage customers.
2. Consistent Growth Through Monthly Contributions
Set up automatic salary deductions or contribute monthly. This builds discipline and ensures steady progress toward your goals.
3. Compounded Returns
Interest is compounded monthly, meaning your money earns on top of what it has already earned.
4. Flexible Payout Options
At maturity, you can receive your funds as a lump sum or structured payments.
5. Protection for Your Loved Ones
You can name beneficiaries, ensuring your savings support your family if needed.
Who This Is For
This is for you if:
- You want a structured way to save for retirement
- You struggle to save consistently on your own
- You’re thinking long-term about your financial future
- You want more than just a basic savings account
General Provisions & Conditions
Closure Of A WeB Plan
- Closure of a Plan holder’s account prior to the maturity of the plan and the minimum contributory period, shall result in a refund of 50% of all interest payments paid over the years invested in the Plan. In addition, an administrative fee of EC$250 shall be applied for withdrawal of the plan within the first three (3) years of the plan.
- A Plan holder who fails to meet the minimum yearly contributions of EC$600, faces the closure of the account and the funds transferred to a BOML Regular Savings account in the name of the plan holder, less the penalties noted above.
- If a Plan holder dies before the stipulated maturity date or become incapacitated or terminally ill, the account will be closed and proceeds shall be made payable to the Plan holder or the minor at age of majority. In such cases, BOML shall waive the penalties outlined above. Evidence of death or illness must be provided.
Grace & Reinstatement Period
- A grace/contribution-free period of six months may be provided only in the case of temporary loss of employment or illness with approved medical report.
- The eSIP may allow Plan holder reinstatement to the Plan after a maximum period of six months of non-payment of contributions, for the following reasons, which must be pre-approved by BOML:
- Temporary loss of employment
- Illness with approved medical report
Documentary evidence must be provided to support the granting of this waiver.
Assignment of BOML IRA
- IRA account balances can be assigned to a Financial Institution as collateral for a debt.
- No assignment of the IRA shall be binding unless the Financial Institution provides written instructions to BOML.
Note: BOML will only disburse from an IRA in the following circumstances:
- on the death of a plan holder,
- on premature withdrawal by the plan holder and
- on the maturity of the plan holder.
Waiver Of Penalty For Early Withdrawal
- The penalties of the interest-refund and the administrative fee of $250 shall be incurred for withdrawal from the plan prior to the maturity date of the plan.
- The penalties shall be waived if withdrawal from the plan is as a result of disability/illness and death of plan holder. Disability or illness means a state of incapacity resulting from bodily injury or disease that may prevent the Plan holder from engaging in any occupation or from performing any work for remuneration or profit. Proof of disability/illness and death of plan holder must be provided to BOML.
Lump Sum Payments
Lump sum contributions are allowed up to a maximum of the plan holder’s annual contributions (monthly contributions X 12) but not exceeding $5,000.
Annual Statement
BOML shall issue to the plan holder an annual statement showing the total contributions plus returns paid, via BML Online Banking platform