Co-op bank launches junior Penny Savers Programme

The St. Vincent Cooperative Bank has unveiled a new incentive for young savers called the Penny Savers Program.{{more}}

At a launching ceremony held last Thursday December 16, at the bank’s branch on the corner of Heritage Square and Bay Street, General Manager Laverne Velox indicated that the programme is open to young persons from infancy to 16 years of age, and is filled with incentives for those who open accounts in that program.

“They only need $10 to sign up and we will reward that with a $10 credit to their account.”

“They get some really cool giveaways upon sign up, and when they turn 16 they can access their own ATM cards.”

Velox said that the institution, which has been around for more than sixty years, sees itself as critical to the education of young persons, and among the many values, they must learn the value of saving and wealth creation.

Velox said that the decision to have a separate branding to differentiate the Junior Savers’ accounts from that of adults, is to give the youngsters a sense of responsibility at an early stage.

“Savings isn’t just about the discipline, but the reward of saving towards a goal and meeting it. Through saving, they will not only learn about interest rates but about patience, making choices about purchases (and) short term and long term financial planning.”

The bank’s board Chairman Douglas Williams, who addressed the launch, said that he was excited abut the launch of the Penny Savers program, which he said would be to the overall benefit of St. Vincent and the Grenadines.

“When we launch a product like Penny Savers with its unique brand and messaging, where one youngster speaks to the audience and says ‘I’ve got my own bank account, do you?’ we encourage a community of young people to talk about banking and to spur each other on to a certain level of independent, yet responsible thinking.” (JJ)