Edu Start

It only becomes Real when you START planning for it!

Education opens opportunities

Whether it is for your child, grandchild, godchild, niece or nephew or even for you, the highest grade of human accomplishment is making the most of our capacity to learn, and being able to contribute something meaningful to society while enjoying the fruits of our work. It starts with a solid education!

That is why we call our Education Savings Plan the Edu Start.  It offers you the highest grade of success!

Start no matter your circumstances

We will work with you, no matter your income size, family size or age, to come up with a savings plan that fits you.  Our Edu Start is open to parents, relatives, guardians and even students.

Start and we'll reward and encourage you

Great incentives and rewards to be earned.  The best reward however, is the pride and success that comes when you realized your education goals.

FREQUENTLY ASKED QUESTIONS

Q.  What is the minimum amount required to open the account?
A.  $100.00

Q.  What are the required monthly contributions?
A.  A minimum of $100 has to be deposited on a monthly basis.  However, customers can choose to increase their monthly contributions or make lump sum deposits.

Q.  What are the documents required to open an Edu Start Savings Plan?
A.  Contributor: Two forms of picture ID and a utility bill as proof of address.  Beneficiary: One form of picture ID or a birth certificate in the case of a minor.

Q.  Can I open an Edu Start Savings Plan in my name?
A.  Yes

Q.  How many beneficiaries can I have on the Edu Start Plan?
A.  Each account is allowed only one beneficiary.

Q.  Can I withdraw from my account at any time?
A.  No.  Withdrawals are not allowed.

Q.  Can I deposit directly into the account?
A.  Yes, but there must be a monthly commitment via standing order or salary deduction, and any additional deposits can be made over the counter directly to the Edu Start Account.

Q.  What is the return on the Edu Start investment?
A.  The Edu Start savings plan earns interest at 1% higher than the regular savings rate.  In addition, 50% of the net additional returns earned (profit) on the Edu Start investment portfolio is distributed to customers.

Q.  When is interest paid?
A.  Interest is paid annually.

Q.  Is there a time limit for my Edu Start Investment?
A.  The Edu Start account must be held for a minimum of three years and a maximum of fifteen years.

Q.  Can I close my Edu Start account before maturity?
A.  Yes, however, there is a penalty for early closure.

Q.  On maturity, will I be eligible for a Bank of Saint Lucia Student Loan?
A.  Yes, Edu Start account holders also receive special discounts on fees (normal lending terms and conditions apply)

Q.  Do I receive a certificate or a receipt after making my investment?
A.  Yes, after your initial investment you will receive an investment certificate from Bank of Saint Lucia's Wealth & Asset Managment Division.  Subsequent to this, annual statements will be sent to you.

Call 456 6000 or email WAM@bankofsaintlucia.com to find out more about Edu Start!