Growth & Jobs | KC backs JN Bank’s Affinity Savings Club as vehicle for growth

Kingston College (KC) has thrown its support behind the revamped JN Bank Affinity Savings Club, describing the initiative as a strategic tool for supporting its sustainable development and long-term financial security among the KC family of students, faculty, alumni, parents, guardians and supporters.

Speaking at a JN Bank Affinity Savings Club webinar recently, Dr Patrick Dallas, former president of the KC Old Boys’ Association and secretary of the KC Centenary Committee, said the arrangement aligns with the school’s wider push to create lasting economic benefits for the institution, which is celebrating 100 years, and the wider KC family.

“This [Affinity Savings Club] initiative reflects both insight and innovation offering schools and organisations like ours a meaningful way to build sustainability while empowering our members,” he said

Highlighting the key pillars that have enabled Kingston College to raise vital funding over the past 100 years, Dr Dallas said the Affinity Savings Club is being positioned as a pathway to ‘building for the future’ alongside other sustainable income models, such as the KC Development Trust Fund and a forthcoming endowment fund.

“This [Affinity Savings Club] model actually excites us,” he said noting that it mirrors the Kingston College Old Boys’ Association’s own philosophy of linking financial growth to collective progress. “Membership saves and benefits personally while the school gains a steady stream of resources. This is the future for raising [funds] because it has with it sustainability, innovation and inclusivity,” he added.

Dr Dallas said KC stands ready to partner with the bank to ensure the success of the club.

“We want to help you make it work and grow,” he stressed, pointing to the tangible impact of fundraising in areas, such as the construction of new classrooms and laboratories, scholarship and examination support, technology upgrades and expanded opportunities for students both locally and overseas.

According to Dr Dallas, the school’s alumni network, corporate partners, staff, students, parents and the wider Fortis community have all played their part in helping to successfully raise funds for KC throughout the years, noting that this collaboration will be crucial for the club.

EMPOWERING COMMUNITIES

“Opportunities like the JN Bank Affinity Savings Club will allow us to deepen our sustainability and empower our community to give while they grow. Kingston College’s legacy is proof that when a school and its extended family come together with vision and determination, there’s no limit to what can be achieved,” he said.

The JN Bank Affinity Savings Club has been around for more than a decade, supporting groups including schools, alumni associations, churches and community organisations to grow their funds. In May, the programme was refreshed and relaunched, bringing exclusive benefits and incentives to participating groups and their individual members.

“This is not another banking product. It’s something designed with purpose and passion that will help groups and associations to help others,” said Saniah Spencer, chief product officer of savings and deposits at JN Bank.

Pointing to challenges often met with raising funds, especially for schools, she explained that with the Affinity Savings Club, participating organisations are able to earn money to help address funding gaps, just by encouraging members to save. She explained that to join the club, first the group, whether it’s a church, service club, school, an alumni body or a parent-teacher association, will need to open a group account. Once the group account is in place, members can open their own individual affinity accounts, instructing the bank to link it to their institution’s account. For groups, the initial deposit is $15,000, while for individual members it’s $2,500.

“You save as you would in an ordinary savings account and at the end of the year, your affiliated organisation receives a bonus and that’s like you contributing without even making an effort. Your school or association earns a percentage of net interest earned on all those accounts, and it simply means the more members your organisation has, the more the organisation earns,” she said, noting that the group will be able to choose how those earned funds are used.

Individual members will also benefit from competitive interest rates and access to other benefits within the JN Group.

“We do have other member companies within the JN Group that individual members of organisations can also benefit from with insurance, critical illness protection, but in this club, we do offer benefits, such as financial planning and counselling support in terms of budgeting and how to grow your funds sustainably. It’s more than just an account,” she reiterated.

The Affinity Savings Club webinar, held in September for schools and alumni associations, was the first in a series being executed by JN Bank under the theme ’Stronger Together: Turning unity into opportunity.’ Two more webinars will be held for churches and other organisations later this year.