Education savings investment

The Wealth Builder (WeB) is a medium-term savings investment plan that facilitates the creation of wealth to meet short to medium term goals. The WeB plan guarantees a higher interest rate on your investment ranging from 2.5% to 3.25% per annum. Rates are based on the fixed monthly contribution level.

Ease of Contribution

eSIP offers automatic contributions through salary deductions or standing orders, ensuring timely deposits and optimizing savings and returns.

Peace of Mind

Setting up a reliable education savings plan brings peace of mind and financial preparedness for your child’s future.

Flexible Contribution Period

eSIP offers a customizable contribution period, ranging from three to eighteen years, to suit individual needs.

  • A minor is defined as someone below the age of 18.
  • The Plan must be opened by a parent/(s) or guardian/(s) on behalf of or in trust of a minor/(s).
  • Minimum monthly contribution is EC$50.00.
  • Fixed monthly contributions in fixed denominations.
  • A salary deduction or standing order authorization is required to effect monthly contributions to the Plan. Monthly contributions must be received by the last day of each month in order to receive returns on the contributions for the month
  • Minimum contributory period is three (3) years.
  • Maximum contributory period is eighteen (18) years.
  • The Plan has a fixed term.
  • The maximum age of the minor at the start of the plan should not exceed age 15 to allow the minimum contributory period of three (3) years.
  • The contributions shall be redeemed at the maturity date or paid to the minor upon age of majority.
  • The Plan can be established with multiple minors – up to three minors - of varying ages, but not exceeding the stipulated maximum age of 15.
  • Full one-time lump sum encashment at maturity
  • The Plan pays a minimum return of 50 bps (0.50%) above ECCB minimum savings rate per annum, with one exception: For our mortgage customers, the plan pays a minimum rate of 100 bps (1.0%) above the minimum savings rate.
  • The minimum rate of return is reviewed every January 01st each year.
  • The minimum return is paid monthly to the account of the plan holder.
  • The account provides for monthly compounding of contributions and interest.
  • Closure of a Plan holder’s account prior to the maturity of the plan and the minimum contributory period, shall result in a refund of 50% of all interest payments paid over the years invested in the Plan. In addition, an administrative fee of EC$250 shall be applied for withdrawal of the plan within the first three (3) years of the plan.
  • A Plan holder who fails to meet the minimum yearly contributions of EC$600, faces the closure of the account and the funds transferred to a BOML Regular Savings account in the name of the plan holder, less the penalties noted above.
  • If a Plan holder dies before the stipulated maturity date or become incapacitated or terminally ill, the account will be closed and proceeds shall be made payable to the Plan holder or the minor at age of majority. In such cases, BOML shall waive the penalties outlined above. Evidence of death or illness must be provided.
  • A grace/contribution-free period of six months may be provided only in the case of temporary loss of employment or illness with approved medical report.
  • The eSIP may allow Plan holder reinstatement to the Plan after a maximum period of six months of non-payment of contributions, for the following reasons, which must be pre-approved by BOML:
  • Temporary loss of employment
  • Illness with approved medical report

Documentary evidence must be provided to support the granting of this waiver.

  • eSIP account balances can be assigned to a Financial Institution as collateral for a debt.
  • No assignment of the eSIP shall be binding unless the Financial Institution provides written instructions to BOML.

Note: BOML will only disburse from a eSIP in the following circumstances:

  • on the death of a plan holder,
  • on premature withdrawal by the plan holder and
  • on the maturity of the plan holder.
  • The penalties of the interest-refund and the administrative fee of $250 shall be incurred for withdrawal from the plan prior to the maturity date of the plan.
  • The penalties shall be waived if withdrawal from the plan is as a result of disability/illness and death of plan holder. Disability or illness means a state of incapacity resulting from bodily injury or disease that may prevent the Plan holder from engaging in any occupation or from performing any work for remuneration or profit. Proof of disability/illness and death of plan holder must be provided to BOML.

Lump sum contributions are allowed up to a maximum of the plan holder’s annual contributions (monthly contributions X 12) but not exceeding $5,000.

BOML shall issue to the plan holder an annual statement showing the total contributions plus returns paid, via BML Online Banking platform

Start securing your child’s future today with eSIP. Take the first step towards a brighter education. Learn more and enroll now!

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