–Commercial banks and financial institutions provide a range of critically important services to the citizens and residents of the Eastern Caribbean Currency Union.
Speaking on this week’s episode of ECCB Connects, Baldwin Taylor, General Manager ofBank of Montserrat Limited, and Secretary of the Antigua and Barbuda and MontserratBankers Association as well as the ECCU Bankers Associations, shares information about the different types of accounts available at financial institutions and discusses some common terms used in banking.
Taylor outlines that the various types of accounts offered by commercial banks include aregular savings account, accounts for educational purposes; children savings accounts, andaccounts for retirement savings.
Taylor further explains that there are different types of interest that can be generated onsavings or loan accounts. Two of these are accrued interest, which accumulates daily but ispaid at a specific time period; and compound interest which is not just paid on the principalamount, but also on the interest previously earned. Interest rates, says Taylor, are usuallyapplied at a fixed rate depending on the type of account and the amount involved.
Taylor encourages customers to engage their bankers in a conversation to clarify anyconcerns they may have with regards to their money.
See also
View the full discussion on the ECCB’s social media platforms using the handle ECCBConnects.
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