Savings Account

Home / Bank Accounts / Savings Account
Everyone has unique needs and aspirations. Meeting everyday needs and achieving those aspirations could be challenging. But there are ways to overcome those challenges.
Saving is a great way to help you achieve your life goals. At GBTI we have a range of saving plans designed to help you achieve your dreams.

Requirements for New Accounts

Statement Savings Account

Our Statement Savings Account is linked to our ATM service and caters to the individual customer who appreciates technology-based banking services.

Upon opening an Account customers are automatically issued with our Kaieteur Classic Debit Card, which allows for the use of our ATM facility to withdraw cash, make deposits, transfer between accounts and pay utility bills from your account at your convenience. Additionally, the Card allows you access to our Point-of-Sale service available at local stores, supermarkets, gas stations, restaurants and wherever our Kaieteur Classic Sign is seen. Transaction slips serve as a record while bank statements are prepared and mailed every three months. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.

The ATM is a 24-hr service available at several locations in Georgetown and around the country for your convenience.


Our Early Savers Club is open to children from birth to 17 years of age. It provides an opportunity for parents and children to plan finances for education and other growing needs. It is also a way of encouraging sound saving habits from an early age. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.

Many special benefits are tied to membership of the Club:

  • A premium interest of 1 percent above the regular saving account rate is paid on accounts
  • Eligibility for Bursary awards based on set criteria for National Grade Six Assessment
  • A free ATM Card is available on your 12th birthday
  • Annual Rewards – Account Holder becomes eligible with every $1,000 saved
  • Early Savers Gift Vouchers – available in various amounts. A good choice for awards and special occasions
  • Discounts on purchases at participating stores
  • Withdrawal Limits:


12 to 14 years old
$10,000 per day

15 to 17 years old
$15,000 per day

In Bank

Under 12 years old
Allowed any amount with a parent or guardian present

From 12 to 17 years old
Up to $5,000 per day with positive identification

 Primelife Savings Account

Our Primelife Savings Account is a special savings plan for persons 55 years and over. It provides an opportunity for persons to plan and manage their finances so that they can enjoy their post-retirement. Interest is calculated on the minimum balance for the quarter and paid at the end of April and October.

GBTI Primelife Savings Account offers great rewards:

  • A premium interest rate above the regular savings account
  • Free ATM Card
  • No charges for transactions
  • No charges for crediting pension cheque
  • Higher exchange rates on foreign currency deposits
  • No ledger fees
  • Concessionary credit rates of 0.50% below the applicable rate
  • Discounts on purchases at participating stores
Term Deposit – 3 Months
Term Deposit – 6 Months
Term Deposit – 12 Months

Special Investment Accounts (30 & 91 days)

Our Special Investment Account caters for the major depositor who requires flexibility and availability with deposit balances. Deposit periods are 30 days and 91 days and interest is paid on the minimum balance for the period. Deposits and withdrawals can be made without prior notice and account statements are mailed at the end of the period.

GBTI Education Savings Plan

We recognise that attaining higher education provides better career options and richer lives. The cost of achieving higher education is not always affordable whether locally or overseas. We have designed the Education Savings Plan to help you save to attain your Higher Education.

The Education Savings Plan is maintained in the child’s name and may begin at any age but matures when the Account Holder reaches 18 years old.

Deposits are allowed from grandparents, aunts, uncles and godparents.

A Depositor’s Confirmation form must be completed by the relative(s) other than the parents or beneficiaries when deposits are made.*

*Terms and Conditions Apply*

Account boy


Premium savings interest rate of 5% per annum

Account can be opened by a Parent or Guardian with written approval

Regular Savings Account 0.50%

Early Savers Club Account 0.90%

Prime Life Savings 0.90%

Special Investment Monthly 0.50%

Special Investment Quarterly 0.55%

GBTI Education Savings Plan new 5.0%

Fixed Deposit – 3 Months 0.75%

Fixed Deposit – 6 Months 0.80%

Fixed Deposit – 12 Months 0.85%

Did you know your deposits are Insured?

Your deposits amounting up to $2,000,000 are automatically covered by the Deposit Insurance Scheme under the Deposit Insurance Corporation (DIC).

The Deposit Insurance Corporation is an independent public entity established under the Deposit Insurance Act 2018 which was set up to strengthen financial stability and protect your deposits.

Your deposits are insured under the Deposit Insurance Fund (DIF) which refers to money that is specifically dedicated for reimbursing depositors and providing financial assistance in the resolution or winding up process of a failed financial institution. The Fund will be financially maintained through the payment of premiums by deposit-taking financials which are members of this scheme. GBTI is a member.

Types of deposit accounts covered are:

  • Chequing accounts (or demand deposits),
  • Savings deposits
  • Time deposits (or certificates of deposit)

Single Accounts:

After combining the deposit accounts of an individual, the maximum amount that can be insured would be $2,000,000 GYD.

Joint Accounts:

A Joint Account will be treated as one account and is insured for up to $2,000,000 GYD. The reimbursement will be  divided equally among the account holders unless otherwise justified with proper documentation.


Trust Accounts:

Funds held in these accounts shall not be combined with the individual accounts of a trustee, settlor or beneficiary under the trust. For example, a parent (the trustee) may establish a bank account at a member financial institution for his/her child (the beneficiary). Deposits held on the trust are insured separately, with each beneficiary interest being insured up to a maximum of $2,000,000 GYD.

Deposits not covered by the DIC:

  • Deposits that are above $2,000,000 GYD.
  • Deposits of financial institutions such as:
    • Insurance Companies
    • Pension Funds
  • Deposits of:
    • Central and Local Government authorities
    • Overseas branches of financial institutions
    • Persons under criminal investigation or who are suspected of being involved in money laundering or terrorist financing
  • Deposits from:
    • Affiliates of member institutions, and
    • Deposits of any depositor who is shown to have a party or profited from the circumstances given the rise to a member institution’s failure.


  1. What if I have a Foreign currency account?
    Foreign currency deposits are also insured but are reimbursable in Guyanese dollars, up to a limit of $2,000,000 GYD.
  2. How is the insurable amount determined?
    The DIC calculates the insured amount inclusive of any interest received on the deposit.
  3. What if I have accounts at other member banks/financial institution?
    Deposits held at different financial institutions are separately insured. Opening of several accounts in different branches of the same bank or at the same branch will not increase your insurance deposit payout.
  4. When do I get my payout?
    The DIC is required by law to reimburse all insured depositors within 30 days after the failure of a member financial institution and depositors will be informed via the newspapers, website or other suitable communication channels.
GAB Inc. – Deposit Insurance Brochure 

Important Info

An Education Savings Plan can be opened by a:

Parent or Guardian (Guardians can be grandparents, uncles and aunts who must have written approval from parents.)


  • Valid Identification Card or Passport/New Drivers Licence
  • Proof of Address document (Utility Bill, Bank Statement, mail received within the last six months)
  • Proof of Income (Job Letter, Pay Slip, Business Registration/License)
  • Authority/Proof of Guardianship
  • Child/Beneficiary
  • Birth Certificate of the child

With the use of our investment calculator, we can provide you with the minimum monthly/quarterly deposit amount.

The minimum Plan total is G$2,000,000

The maximum Plan total is G$15,000,000


Information to be provided by Parent/Guardian:

  • Initial Deposit
  • Age of Beneficiary
  • Desired frequency for Deposits
  • Plan Amount
  • Our calculator will provide the following information:
  • Monthly/Quarterly Deposit Amount (minimum)
  • Period of Plan
  • Bank’s Contribution (net interest amount)

Plan Target – 2,000,000

Initial Deposit – 100,000

Interest Rate (%) – 5

Initial Deposit Date – 2015-09-01

Maturity Date (18th Birthday) – 2015-10-01

Deposit Frequency – Monthly

Bank’s Contribution – Net Interest – 172,300

Deposit Amount – 28,795

Projected Balances – After 1 year –   423,206.30

After 2 years-   789,433.21

After 3 years-1,169,481.74

After 4 years-1,563,351.87

After 5 years-1,971,218.67

18th Birthday-2,000,013.67


Disclaimer – This calculator provides estimated figures based on initial information provided by the parent and serves as a guide.


Information on the Plan


In order to realise the Plan amount parents are encouraged to avoid withdrawals.

The Education Savings Plan can be funded by the following methods:

CASH– for deposits amounting to the Guyana Dollar equivalent of US$10,000 and over, depositors must complete a Source of Funds Declaration form prior to the cash being accepted.

CHEQUE– Third Party cheques must be endorsed and identification presented. Cheques must be issued in favour of the Beneficiary.

INTERNAL TRANSFER– Standing Instructions for monthly deductions from an account to credit Beneficiary’s account.

Deposits can be made at any point in time during the life of the Plan.

Closure of the Plan during the first 2 years of establishment will result in the non-payment of interest.

Closure of the Plan during the third to fifth years will result in the payment of the Regular Savings interest rate at the time on the minimum balances maintained during the Bank’s interest quarters.

Quarterly statements will be issued.

The Plan will earn a premium savings interest rate* which will be paid to the Plan on the 18th birthday of the Beneficiary or on the 16th Birthday or after if Plan is closed. **

Interest will be calculated on the minimum balance maintained by the Plan during the Bank’s interest quarters.


Bank’s Interest Quarters:

1st November – 31 January

1st February – 30 April

1st May – 31 July

1st August – 31 October

To ensure that interest is earned within the first quarter of establishment, the Plan should be opened on the first date of any quarter shown above.

*Interest rates are subject to change

**Terms and Conditions Apply

  1. The Education Savings Plan matures on the 18th Birthday of the Beneficiary.
  2. Interest accrued on the minimum balances within the Bank’s interest quarters over the life of the Plan will be paid to the account on the 18th Birthday of the Beneficiary.
  3. Interest will cease to be accrued on the Plan after this date.
  4. The Plan can be closed by the Beneficiary on the 18th Birthday.
  5. At Maturity, the proceeds of the Plan can be transferred to a regular savings account in the Beneficiary’s name pending the arrangements for Post-Secondary Studies.
  6. If funds are to be issued to an educational institution at maturity date, the Bank will waive the cost of the Manager’s Cheque, Foreign Draft or SWIFT Transfer.
  7. The Plan can be closed when beneficiary attains age 16 once the funds are payable to an Educational Institution. The Plan can only be closed by the Parent/Guardian at this time.
  1. Do not withdraw from your Child’s Education Savings Plan.
  2. If you have to withdraw, make every attempt to redeposit the amount.
  3. Encourage savings habits in your children. Deposit most if not all birthday cash gifts.

Open your Education Savings Plan Today!

  1. If one parent dies before the 18th birthday of the beneficiary, the other parent can continue with the Plan.
  2. If the beneficiary dies before the 18th birthday, the parent will be allowed to close the account.
  1. Withdrawals- G$5,000(per withdrawal)
  2. Dormant Account Fee -G$500 per month
  3. Returned Cheques charge- G$500

The GBTI Education Savings Plan Agreement must be signed by the parent/ guardian at the establishment of the Plan.

The Education Savings Plan is a Statement Account; however, ATM Cards will not be issued as withdrawals are dissuaded.

Deposits will be accepted by other relatives who are authorised to do so by the parent/ guardian. The parent/ guardian will provide the bank with the names of the authorized depositors and their relationships to the Beneficiary. GBTI will then issue a Deposit Card which must be presented for each deposit. A Depositor’s Confirmation form is to be completed for deposits $200,000 and over. A Source of Funds Declaration Form must also be completed for deposits over $2M.

Withdrawals may be allowed by the parent/ guardian only. However, Parents are advised that in order to preserve the projected balance on maturity of the plan, the monthly or quarterly deposit amount will need to be increased to cover the amount withdrawn.

Interest will accrue over the life of the plan and will be paid at maturity only.

In order to benefit from the premium interest rate being offered the plan should be taken to maturity. If the plan is closed during the first two years, no interest will be paid. If the plan is closed during the third to fifth years the interest applicable to a regular savings account will be paid.

If the Beneficiary does not pursue post-secondary education at maturity date, the interest applicable to a regular savings account at the time will be paid.


Educational Opportunities

Links to Educational Institutions Overseas:

University of Cambridge –

University of London –

Chartered Institute of Management Accountants –

The University of the West Indies –

University of Delhi –

Indian Institute of Technology, Delhi –

Indian Institute of Science, Bangalore –

Australian National University –

Links to Local Educational Institutions:

University of Guyana –

Air Services Limited Flight School –

Programmes offered by Local Private Institutions:

Certificate in Business Accounting – Chartered Institute of Management Accountants

A Level Programme – University of Cambridge

Single Subject Diploma in Project Management –The Institute of Commercial Management (UK)

Single Subject Diploma in Economics for Business –The Institute of Commercial Management (UK)

Advanced Diploma in Project Management –The Institute of Commercial Management (UK)

Pre Law Programme – University of Cambridge

Bachelor of Law – University of London

Visit any one of our Branches and uplift your Guide.


Withholding Tax – All interest received on your deposit account is subject to Withholding Tax of 20% which will be deducted by the Bank and paid to the Guyana Revenue Authority, except in cases where an Exempt from Withholding Tax Certificate is received form the Guyana Revenue Authority.