Wealth Management
Unlock your financial potential
The Wealth Builder (WeB) is a medium-term savings investment plan that facilitates the creation of wealth to meet short to medium term goals. The WeB plan guarantees a higher interest rate on your investment ranging from 2.5% to 3.25% per annum. Rates are based on the fixed monthly contribution level.
High-yield returns
WeB offers a competitive interest rate ranging from 2.5% to 3.25% per annum, ensuring your money grows faster than traditional savings accounts.
Flexible contribution options
You can tailor your WeB plan to suit your financial situation. Choose from fixed terms of two, three, or five years, with contributions as low as $100 and up to $2500 per month.
WeB ensures that your investment remains secure. The rates of return are fixed for the entire investment term, shielding you from market fluctuations.
General Features
- The Plan requires fixed monthly contributions over fixed terms of two (2), three (3) or five years.
- Minimum contributory amount is $100.00
- Maximum contributory amount is $2500.00
- Contributions to the Plan are payable at the end of each month.
- The commitment to open a WeB Plan is fixed and irrevocable.
- Qualifying age to open a WeB Plan is 18 years.
- A salary deduction or standing order authorization is required to effect monthly contributions to the Plan. Monthly contributions must be received by the last day of each month in order to receive returns on the contributions for the month
- Contributions plus interest shall be redeemed at the end of the fixed investment term/maturity date or paid to the beneficiary/(ies) of the Plan holder at death.
- The Plan shall allow Plan holder to include beneficiary/(ies) to the account. The name & ID of each beneficiary must be provided before opening the account.
- The Plan guarantees a fixed one-time lump sum payment at the end of the fixed investment term.
Returns
- The Plan pays a higher rate of return above ECCB minimum savings rate (2.5% - 3.25% per annum).
- The Plan rates of return are reviewed every January 1st each year.
- The rate of return offered to a Plan holder is guaranteed for the term of the investment, irrespective of rate changes during the fixed period.
- The Plan provides for monthly compounding of contributions plus interest.
WeB Fixed Investment Plans
| Fees | |
|---|---|
| Third Party Transactions | Free |
| No Passbook Withdrawals | Free |
| Replacement Passbook | $25 |
| Dormant Account monthly service charge | Free |
| Reactivation of Dormant Account | Free |
| Accounts closed within 3 months | $30 |
| Monthly withdrawals | Free, thereafter $1 per withdrawal |
General Provisions & Conditions
Closure Of A WeB Plan
- Closure of a Plan holder’s account prior to the maturity of the plan shall result in the following:
- Refund of all contributions invested in the Plan.
- No interest payments
- An administrative fee of EC$250 shall be applied.
- A Plan holder who fails to meet three consecutive monthly contributions shall be automatically terminated from the Plan and the funds transferred to a BOML Regular Savings account in the name of the plan holder, less the penalties noted above.
- A Plan holder who 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 beneficiary/(ies) to the account. In such cases, BOML shall waive the penalties above.
Documentary evidence must be provided to support the death or illness and the granting of this waiver.
Assignment of BOML WeB Plan
- BOML WeB account balances can be assigned to a Financial Institution as collateral for a debt.
- No assignment of the WeB shall be binding unless the Financial Institution provides written instructions to BOML.Note: BOML will only disburse from a WeB 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 above 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.
Changes In Monthly Contributions & Payments
The Plan does not allow for any variations in contributions nor lump sum payments to the plan.
Annual Statement
No annual statements provided. A Contract detailing the future lump sum payment, the guaranteed interest rate and the plan holder’s monthly contributions, shall be provided to each plan holder upon opening a WeB plan.
Ready to start your WeB plan?
No annual statements provided. A Contract detailing the future lump sum payment, the guaranteed interest rate and the plan holder’s monthly contributions, shall be provided to each plan holder upon opening a WeB plan.
