Everyone has unique needs and aspirations. Meeting everyday needs and achieving those aspirations could be challenging. But there are ways to overcome those challenges. Saving is a great way to help you achieve your life goals. At GBTI we have a range of saving plans designed to help you achieve your dreams.
Savings Account
Requirements for New Accounts
Statement Savings Account
Our Statement Savings Account is linked to our ATM service.
Upon opening an Account customers are automatically issued a Kaieteur Classic Debit Card. The card can be used to access our ATM facility to withdraw cash, make deposits, transfer funds between accounts and pay utility bills from your account. The Card also allows you access to our Point-of-Sale service available at local stores, supermarkets, gas stations, restaurants and wherever our Kaieteur Classic Sign is seen. Transaction slips serve as a record while bank statements are available via the GO Banking portal. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.
The ATM is a 24-hr service available at several locations in Georgetown and around the country for your convenience.
Our Early Savers Club is open to children from birth to 17 years of age. It provides an opportunity for parents and children to plan finances for education and other growing needs. It is also a way of encouraging sound saving habits from an early age. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.
Requirements:
- ID Card/passport/Drivers Licence of Parent/Guardian
- Proof of Address
- TIN
- Proof of income (job letter)
- Child’s birth certificate
- Minimum deposit of $1,000
Many special benefits are tied to membership of the Club:
- A premium interest is paid on accounts
- Eligibility for Bursary awards based on set criteria for National Grade Six Assessment
- A free ATM Card
- Annual Rewards – Account Holder becomes eligible with every $1,000 saved
- Early Savers Gift Vouchers – available in various amounts. A good choice for awards and special occasions
- Discounts on purchases at participating stores
- Withdrawal Limits:
ATM
12 to 14 years old
$10,000 per day
15 to 17 years old
$15,000 per day
Current Early Savers discount participating stores:
- New Era Bookshop
- Payless Variety Store
- Giftland Mall (Kids, stationery, luggage and sportsmaxx stores)
- Entreza Business Centre (Corriverton)
- Deckers Stationery and Office Supply (Corentyne)
Primelife Savings Account
Our Primelife Savings Account is a special savings plan for persons 55 years and over. It provides an opportunity for persons to plan and manage their finances so that they can enjoy their post-retirement. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.
GBTI Primelife Savings Account offers great rewards:
- A premium interest rate above the regular savings account
- Free ATM Card
- No charges for transactions
- No charges for crediting pension cheque
- Higher exchange rates on foreign currency deposits
- No ledger fees
- Concessionary credit rates of 0.50% below the applicable rate
Term Deposit – 3 Months
Term Deposit – 6 Months
Term Deposit – 12 Months
0.75%
0.80%
0.85%
Special Investment Accounts (30 & 91 days)
Our Special Investment Account caters for the major depositor who requires flexibility and availability with deposit balances. Deposit periods are 30 days and 91 days and interest is paid on the minimum balance for the period. Deposits and withdrawals can be made without prior notice and account statements are mailed at the end of the period.
Regular Savings Account 0.50%
Early Savers Club Account 0.90%
Prime Life Savings 0.90%
Special Investment Monthly 0.50%
Special Investment Quarterly 0.55%
Fixed Deposit – 3 Months 0.75%
Fixed Deposit – 6 Months 0.80%
Fixed Deposit – 12 Months 0.85%
Did you know your deposits are Insured?
Your deposits amounting up to $2,000,000 are automatically covered by the Deposit Insurance
Scheme under the Deposit Insurance Corporation (DIC).
The Deposit Insurance Corporation is an independent public entity established under the Deposit
Insurance Act 2018 which was set up to strengthen financial stability and protect your deposits.
Your deposits are insured under the Deposit Insurance Fund (DIF) which refers to money that is
specifically dedicated for reimbursing depositors and providing financial assistance in the
resolution or winding up process of a failed financial institution.
The Fund will be financially maintained through the payment of premiums by deposit-taking financials which are members of this scheme. GBTI is a member
Types of deposit accounts covered are:
- Chequing accounts (or demand deposits),
- Savings deposits
- Time deposits (or certificates of deposit)
Single Accounts:
After combining the deposit accounts of an individual, the maximum amount that can be insured
would be $2,000,000 GYD.
Joint Accounts:
A Joint Account will be treated as one account and is insured for up to $2,000,000 GYD. The reimbursement will be divided equally among the account holders unless otherwise justified with proper documentation.
Trust Accounts:
Funds held in these accounts shall not be combined with the individual accounts of a trustee, settlor or beneficiary under the trust. For example, a parent (the trustee) may establish a bank account at a member financial institution for his/her child (the beneficiary). Deposits held on the trust are insured separately, with each beneficiary interest being insured up to a maximum of $2,000,000 GYD.
Deposits not covered by the DIC:
- Deposits that are above $2,000,000 GYD.
- Deposits of financial institutions such as:
- Insurance Companies
- Pension Funds
- Deposits of:
- Central and Local Government authorities
- Overseas branches of financial institutions
- Persons under criminal investigation or who are suspected of being involved in money laundering or terrorist financing
- Deposits from:
- Affiliates of member institutions, and
- Deposits of any depositor who is shown to have a party or profited from the circumstances given the rise to a member institution’s failure.
FAQs
- What if I have a Foreign currency account?
Foreign currency deposits are also insured but are reimbursable in Guyanese dollars, up to a
limit of $2,000,000 GYD. - How is the insurable amount determined?
The DIC calculates the insured amount inclusive of any interest received on the deposit. - What if I have accounts at other member banks/financial institution?
Deposits held at different financial institutions are separately insured. Opening of several accounts in different branches of the same bank or at the same branch will not increase your insurance deposit payout. - When do I get my payout?
The DIC is required by law to reimburse all insured depositors within 30 days after the failure
of a member financial institution and depositors will be informed via the newspapers, website
or other suitable communication channels.
What is a Homestart Advantage Account?
A savings account specifically designed to help customers save for a down payment on a home with a GBTI mortgage.
Features of the account:
- Dedicated Savings: Funds specifically allocated for home down payments and mortgage expenses, helping to promote disciplined saving.
- Automatic Transfers: Set up automatic transfers from your primary bank account to ensure regular and consistent savings.
- Unlock Exclusive Benefits: Available upon successful mortgage application and approval of a GBTI Home Loan.
- Contribution Matching: GBTI will match a percentage of your monthly savings up to a specified limit.
- Bonus Incentives: Earn bonuses as you reach savings milestones, such as 25%, 50%, and 75% of your target home price.
- Reduced Mortgage Fees: Enjoy lower mortgage application fees as a reward for your commitment.
- Locked Savings: Funds remain secure until a set amount or time period is met. Early withdrawals are subject to penalties to ensure the savings are used for your home purchase.
- Debit Transactions will be restricted
- The Account will be visible on the GO Banking platform and will allow the customer to add further credits (transfer) at their discretion. Go Banking will only accept credit transactions to the accounts due to the ‘blocked from debit’ status on the account level.
- Special Discounts – Percentage discount on fees when applying for the Mortgage through the HomeStart Advantage. -100% (No application fee) Discount on Application Fee and 25% Discount on Negotiation Fee. Initial deposit of $10,000
- Cashback of 5% on the funds in the HomeStart Advantage account with the maximum cashback being $100,000. This amount will be credited after the first disbursal stage is completed.
CUSTOMER BENEFITS
- Financial Peace of Mind: Secure financing from the beginning, reducing stress.
- Early Financial Support: Access to funds for initial expenses, helping customers start their home
- Expert Guidance: Professional advice and support for better financial planning.
- Seamless Process: A smooth and hassle-free process and it aids the client in building a relationship with the bank.
Eligibility & Requirements
- Letter of Allocation: A letter of allocation from the Ministry of Housing is required to open this account.
- Initial Deposit: A minimum initial deposit is necessary to start the account. (Details to be determined)
- Regular Contributions: Customers must commit to making regular monthly contributions, which will be defined at the time of account opening.
- Financial Counseling: Enjoy complimentary financial counseling and planning services to help you set realistic savings goals and navigate the home-buying process.
- Mortgage Pre-Approval: As you approach your savings goal, you may qualify for a mortgage pre-approval with GBTI. Enjoy preferential mortgage rates and terms exclusive to HomeSaver account holders.
