Savings rates - who offers the best deal?
published: Sunday | October 10, 2004

Dennise Williams, Staff Reporter

A LOT of persons say that when it comes to their money, they want to keep it simple. They are not interested in the stock market, bond market or money market. Keeping their money safe in the bank is all they are concerned with.

Managing your money can become almost a part-time job. Although many financial institutions offer advice, we know (based on phone calls) that there are folk who just want to save money in their bank book and watch that grow. So, to help consumers have a clear idea of what their money is earning in the bank, we accessed the published savings rates of four commercial banks.

What is interesting to note is that commercial banks tend to reward their clients for higher savings with higher interest rates, that is, the more you save, the more you earn in interest. Please note that interest earned is subject to 25 per cent withholding tax.

Bank Savings amount Interest paid (before taxes)

First Global Bank	$1,000-$4,999	2 per cent
	$5,000-$49,999	5 per cent
	$50,000-$249,999	8 per cent
	$250,000-$499,999	8.5 per cent
	$500,000-$999,999	9 per cent
	Over $1 million	9.5 per cent

RBTT Jackpot Savings (range of rates)

	$5,000	1.5 per cent
	$1,000,000	9.75 per cent

Supreme Savings (range of rates)

	$5,000	2 per cent
	$1,000,000	9.5 per cent

Regular Savings (range of rates)

	$1,000	2 per cent
	$1,000,000	9.5 per cent

Scotiabank Regular Savings

Amount Interest Rates

	Up to $4,999	1.75 per cent
	$5,000 to $49,000	5.00 per cent
	$50,000 to $199,999	6.65 per cent
	$200,000 to $249,999	7.70 per cent
	$250,000 to $499,999	7.70 per cent
	$500,000 to $999,999	8.50 per cent
	$1,000,000 up	8.75 per cent

Scotia Gain Plan

Amount Interest Rates

	$10,000 to $49,999	5.00 per cent
	$50,000 to $199,999	8.25 per cent
	$200,000 to $499,999	8.50 per cent
	$500,000 up	9.50 per cent
	$1,000,000 up	9.75

National Commercial Bank

Regular Save

	Amount	Interest Rates
	Less than $9,999	1.50 per cent
	$10,000 to $49,999	5.00 per cent
	$50,000 to $199,999	6.75 per cent
	$200,000 to $499,999	7.5 per cent
	$500,000 up	8.75 per cent

Sunshine Savers

	Amount	Interest Rates
	Less than $9,999	1.50 per cent
	$10,000 to $49,999	5.00 per cent
	$50,000 to $199,999	7.0 per cent
	$200,000 to $499,999	8 per cent
	$500,000 up	9 per cent