Saving at Gateway
BECOMING A member of Gateway Co-operative Credit Union is easy. Membership is open to persons who are living, working or studying in the county of Cornwall (parishes of Trelawny, St James, Hanover, Westmoreland and St Elizabeth) or who were born in the county and are of sound mind and reputable character.
Membership is also open to their spouses, children and relatives, i.e., mother, father, grandfather, grandmother, brother, sister, aunt, niece and nephew, regardless of where these family members and relatives happen to live.
A Gateway account is the perfect way to ensure your money is secure, earn interest, prepare for surprise/emergency expenses, to purchase motor vehicles and achieve major life goals such as education and purchasing real estate.
Gateway offers a variety of savings accounts, chief among them is the share account, which gives qualified members the option of borrowing against their shares at competitive interest rates. A dividend is also paid to the account holder each year, whenever the institution makes a surplus. Under the law, a minimum of $2,000 is mandated to be placed in permanent shares, as representing members’ equity or ownership in the credit union, which cannot be withdrawn while the person remains a member of the institution.
BABY ON BOARD
Gateway recognises that even a small savings account for your child can make a powerful difference in the years ahead. The Baby on Board Savings Plan encourages mothers who are members of Gateway to start saving for their newborn child’s future. The programme is an extension of the Golden Harvest Savings Plan, where participants receive excellent returns on their investments and free, decreasing term life insurance of up to $4 million.
Each parent is awarded a $1,000 incentive to start the Baby on Board savings account, from one day old to five years old. However, parents must maintain a minimum savings of $1,000 per month for 10 years. The aim of the Baby on Board plan is to save money towards specific goals for the child, and may include high school expenses, university, and college or graduation expenses. Once the 10-year mark has been reached, the money can be withdrawn and spent as desired. Another option, though, is that parents could re-invest the lump sum into a Golden Harvest Savings Plan as an initial deposit.
There are numerous other benefits that accompany the Baby on Board Savings Plan. These include free life savings insurance; free loan-protection insurance and free decreasing term life insurance.
SOLID SAVER ACCOUNT
Gateway’s members can open a Solid Saver Account with a minimum of $2,000. This savings plan enables members to earn higher interest on their savings, which is calculated and credited to their account each month.
ORDINARY DEPOSIT ACCOUNT
A $100 note is all it takes to open an Ordinary Deposit Account. Interest is calculated and credited to the members’ account at the end of the year.
FIXED DEPOSIT
With respect to a Fixed Deposit Account, members may place as little as $20,000 on this account for a minimum of 30 days. The Fixed Deposit Account provides a higher interest rate than a regular savings account, at the given maturity date.
GOLDEN HARVEST
A Golden Harvest Savings Plan is available to members of Gateway who are between the ages of 16 and 65. Under this plan, members can save towards any specific goal and get higher returns on their money. They also answer a simple health question to determine eligibility for coverage and thereafter, they make regular deposits of an agreed amount. The total goal is insured at no direct cost to the member.
Other savings accounts include the Treasure Chest, Smart Partner Plan and the Christmas Partner Plan.