Financial Independence Through Savings Plan
Basseterre, St. Kitts – Nevis
February 04, 2009 (CUOPM)
Public officers have been advised to use the Government’s Savings Scheme and the Government Savings Bank as their route to financial independence.
“Not as well known, it seems, is the fact that the Government Savings Bank exists and is, indeed, now paying between 4 and 6 percent interest on savings – while the commercial banks are only offering about 3½ percent. The objective is to encourage public servants to save with the Government Savings Bank,” said Prime Minister Hon. Dr. Denzil L. Douglas.
He said there is also the National Savings Scheme which requires regular monthly contributions of a set amount ““ any amount up to $500 per month, with no withdrawal for a period of 3 years.
“Interest rate? Six percent per annum”¦ the highest in the entire Federation. Not bad at all! And remember – the Government Savings Bank allows the opening of an account with as little as $5,” said Dr. Douglas during weekly radio programme “Ask the Prime Minister” on Tuesday.
“What the government is trying to do here is to get people to begin saving”¦.to get in the habit of saving”¦.and to, in the process, slowly but surely, find their way to financial independence,” advised the St. Kitts and Nevis leader.
He said that the Government Savings Bank and the National Savings Scheme are open to anyone, “but several public service employees have made a point of telling me, over the years, how convenient, and competitive, they find these options to be, and so I wanted to ensure that all our listeners had this very information, so they could then make informed choices so as to best protect their ““ and their family’s ““ interests when it comes to saving.”