The Bank recognises that attaining higher education provides children with better career choices and richer lives. The cost of achieving this education is high both locally and Overseas and continues to rise when you include the cost of accommodation, food, transportation, bookstand computers. Our recommendation to you as a parent is to start saving today!!
Our Education Savings Plan is maintained in the child’s name and is an effective way to save for your child’s post-secondary education.
Deposits will be allowed from grandparents, aunts, uncles and godparents.
A Depositor’s Confirmation form has to be completed by relatives other than parents or beneficiaries when deposits are made.*
Let us help you achieve your plan amount with our premium savings interest rate offer of 5% per annum.
*Terms and Conditions Apply*
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
- Proof of Address document (Utility Bill, Bank Statement, Insurance Notice or other mail received within the last six months)
- Proof of Income (Job Letter, Pay Slip, Business Registration/License, Affidavit of Income)
- Authority/Proof of Guardianship
- Passport sized photograph
- Birth Certificate
- Valid Passport (if available)
DECIDING ON The Plan Amount
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)
Guide for $2 million Plan:
- Plan Target - 2,000,000
- Initial Deposit - 100,000
- Interest Rate (%) - 5
- Initial Deposit Date - 2015-09-01
- Maturity Date (18th Birthday) - 2015-10-01
- Deposit Frequency - Monthly
- Bank's Contribution - Net Interest - 172,300
- Deposit Amount - 28,795
- Projected Balances - After 1 year – 423,206.30
After 2 years- 789,433.21
After 3 years-1,169,481.74
After 4 years-1,563,351.87
After 5 years-1,971,218.67
Disclaimer - This calculator provides estimated figures based on initial information provided by the parent and serves as a guide.
Information on The Plan
In order to realise the Plan amount parents are encouraged not to make withdrawals.
The Education Savings Plan can be funded by the following methods:
CASH- for deposits amounting to G$ equivalent of US$10,000-G$2million 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 to be issued in favour of Beneficiary.
INTERNALTRANSFER- 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 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
What happens at maturity of the Plan?
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!
Answers to questions you may have on the Plan
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.
Schedule of Charges
1 Withdrawals- G$5,000(per withdrawal)
2 Dormant Account Fee -G$200 per month
3 Returned Cheques charge- G$500
GBTI Education Savings Plan
Terms and Conditions
- 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 will be 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.
Links to Educational Institutions Overseas:
Links to Local Educational Institutions:
- University of Cambridge - www.cam.ac.uk
- University of London - www.lon.ac.uk
- Chartered Institute of Management Accountants - www.cimaglobal.com
- The University of the West Indies - www.uwi.edu/index.asp
- University of Delhi - www.du.ac.in/
- Indian Institute of Technology, Delhi - www.iitd.ac.in/
- Indian Institute of Science, Bangalore - www.iisc.erner.in/
- Australian National University - www.anu.edu.au
- University of Guyana - www.uog.edu
Programmes offered by Local Private Institutions:
Visit any one of our Branches and uplift your Guide.
- 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