–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 of
Bank of Montserrat Limited, and Secretary of the Antigua and Barbuda and Montserrat
Bankers 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 a
regular savings account, accounts for educational purposes; children savings accounts, and
accounts for retirement savings.
Taylor further explains that there are different types of interest that can be generated on
savings or loan accounts. Two of these are accrued interest, which accumulates daily but is
paid at a specific time period; and compound interest which is not just paid on the principal
amount, but also on the interest previously earned. Interest rates, says Taylor, are usually
applied 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 any
concerns they may have with regards to their money.
View the full discussion on the ECCB’s social media platforms using the handle ECCB
Connects.
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