Keisha Hill, Gleaner Writer

Scotiabank has restructured some of its banking plans and savings accounts to allow customers to earn more interest, access more services, manage banking fees, experience greater flexibility, and get greater rewards.

Scotiabank recently introduced a New Deposit Suite in which all new accounts opened under the initiative provide a choice of 11 different accounts under seven categories. These new accounts will enable customers to:

Predetermine the fees associated with their transactions.

Existing customers can also switch over to any of the account options at any time.

Senior citizens, 60 years and over, will pay no monthly fees for their basic account plan and 50 per cent less on some services such as chequing accounts and managers cheques.

Juniors up to age 17 will pay no monthly fees, and access unlimited mobile and Internet transactions while receiving preferred rates of interest on all their savings.

Students and young professionals between the ages of 18 to 25 will receive fee waivers if enrolled at an educational institution or once they maintain a balance of J$50,000 in the Scotiabank 'Be Money Plan', which is designed to encourage targeted savings.

In addition to earning interest, some customers could receive bonus interest on their automatic savings plans if they maintain their monthly savings targets for at least 18 months. According to Tamiko Sadler, director of product delivery at Scotiabank, each account has been carefully tailored to fit the range of banking needs. Some features are common to all accounts, such as access to unlimited mobile and Internet transactions and electronic transfers at no cost between Scotiabank accounts.

"Our success as a bank has always been the result of staying close to our customers, listening to what works for them, and finding solutions that best fit their needs. Bank fees are necessary to cover the cost of being in business, however, our customers want a simplified, more controlled way to bank that gives them more control over when and for what they are charged," Sadler said.

Suite of Accounts

The New Deposit Suite of Accounts is categorised as: Everyday Banking Accounts Savings Accounts Banking Plans Premium Banking Plans Age Based Accounts Scotiabank Be Money Plans and Specialty Accounts.

Some accounts allow for a specified number of transactions at a fixed cost; while others allow customers to perform a wide range of specified transactions free of cost, once the agreed balance is maintained.

MATCHING PLANS WITH CUSTOMERS

"Our customers have various needs. Some just need, for example, a transactional account just to receive a salary and payout on bills and other expenses, others want to save, and still others may need to maintain a foreign-exchange account. Some customers interact with their accounts many times per month, others just a few times, so the various options of the New Deposit Suite help them to determine the category that best suits their needs; and when those needs change, they can also switch between accounts," Sadler said.

keisha.hill@gleanerjm.com