Best Everyday Bank Accounts in Jamaica for 2025

Simplify your daily finances with the perfect everyday banking account. Whether you need a chequing account for frequent transactions or a savings account for future goals, ScoopRate helps you find the ideal solution to match your lifestyle. Start comparing today!
Last Updated: January 3, 2025
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40
Show me:
chequing account type
  • Savings
  • Chequing

Denominated Curr.

Denominated Curr.
  • J$
Filter by:
cheq by company
  • CIBC
  • FGB
  • JMMB
  • JN
  • NCB
  • Sagicor Bank
  • Scotiabank
  • VMBS
chequing_class
  • All
  • Personal
  • Senior
  • Young Saver
Sort by:
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Best for Savings

VM Money Maker Savings Account

Features
  • Maximize Earnings: Enjoy the best interest rates and tax-free benefits
  • Retirement Supplement: Boost your retirement savings
  • Tax-Free Growth: No withholding tax after 5 years
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$96.03
ACH and
RTGS Fees
J$17 - J$550
Learn more
Best for Savings
  • Low Entry Point: Start investing with a minimum deposit of JMD$25,000.
  • Tax-Deferred Growth: Enjoy the benefit of no withholding tax for five years, allowing your investment to grow uninterrupted.
  • Daily Interest Calculation: Maximize your returns with interest calculated daily.
  • Flexible Access: Withdraw up to 75% of your earned interest quarterly to meet short-term needs.
  • Personalized Support: Receive expert financial advice from dedicated advisors.
  • Manage Your Account with VM Express Online: Access and control your account conveniently anytime, anywhere through VM Express Online.
  • JDIC Insurance Coverage: The VM Money Maker Savings Account is insured up to J$1,200,000.00 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Fees: VMBS offers a clear and straightforward fee structure. For detailed information, please consult VMBS’s Personal Schedule of Fees & Charges.
Best for Savings

VM Premier Club Savings Account

Features
  • Exclusive Perks: Access preferential interest rates and fee discounts tailored for seniors
  • Personalized Service: Enjoy dedicated teller service and a comfortable waiting area
  • Peace of Mind: Benefit from a banking experience designed specifically for seniors
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$96.03
ACH and
RTGS Fees
J$17 - J$550
Learn more
Best for Savings
  • Available to Seniors: If you are 55 years or older, enjoy exclusive benefits tailored just for you with the Victoria Premier Club.
  • Preferential Interest Rates: Enjoy enhanced interest rates on your savings, giving you more value from your investments.
  • 50% Discount on Fees: Benefit from significant discounts on most transactions and complete fee exemptions for select services.
  • Dedicated Teller: Experience expedited service with a special teller dedicated to addressing your specific needs efficiently.
  • Special Waiting Area: Relax in a comfortable and exclusive waiting area, avoiding long lines and enhancing your banking experience.
  • Manage Your Account with VM Express Online: Access and control your account conveniently anytime, anywhere through VM Express Online.
  • JDIC Insurance Coverage: The VM Premier Club Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Fees: VMBS offers a clear and straightforward fee structure. For detailed information, please consult VMBS’s Personal Schedule of Fees & Charges.
Best for Spending

JN Bank Smart Chequing Account

JN Bank
Features
  • No Minimum Balance: Start banking with as little as you like
  • No Hidden Fees: No dormancy, overdraft or penalty fees
  • Convenient Access: Enjoy free online banking access via JN LIVE
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$10.00 - J$59.23
ACH and
RTGS Fees
J$17.77 - J$1,190.00
Learn more
Best for Spending
  • No Minimum Opening Amount Required: Start your chequing account with any amount, making it accessible to everyone.
  • No Extra Fees: Avoid dormancy, penalty, and overdraft fees, helping you save money and providing peace of mind.
  • No interest earned. This chequing account is designed for convenient everyday spending and does not offer interest on your balance.
  • Manage your account anytime, anywhere: Enjoy the convenience of checking your balance, viewing transaction history, transferring funds, and paying bills through JN LIVE, our secure online banking platform.
  • Cheque Writing Privileges: Conveniently write cheques from your chequing account for payments and transactions.
  • Free ATM Withdrawals: Enjoy the first four JN Bank ATM withdrawals free each month. Subsequent withdrawals at JN Bank ATMs are just J$30 per transaction, and withdrawals from other ATMs cost only J$59.23 each.
  • Automatic Savings-to-Chequing Transfers: Easily manage your finances by automatically using funds from your savings account to cover expenses in your chequing account.
  • Low Monthly Service Charge: Enjoy affordable banking with a low monthly service fee.
  • JDIC Insurance Coverage: The JN Bank Smart Chequing Account is insured up to J$1,200,000.00 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Fees: JN Bank offers clear and transparent fee structures. For a detailed list of fees associated with this account, please refer to our Schedule of Rates Charges.
Best for Savings

Scotiabank Savings Account

Features
  • Digital Banking: Manage your money online and on-the-go
  • Automatic Savings: Set up an automatic savings plan and earn bonus interest
  • Interest Bearing: Earn bonus interest with consistent saving
Monthly Fee
J$0.00
Min. Monthly
Balance
J$5,000.00
POS and
ABM Fees
Free - J$60.00
ACH and
RTGS Fees
Free - J$1,536.15
Learn more
Best for Savings
  • Convenience: Open an account with a Low minimum opening balance of just J$5,000.
  • Flexibility: Enjoy the flexibility of choosing from multiple currencies to match your financial goals.
  • 24/7 Free Digital Banking: Access your account anytime, anywhere with Scotia OnLine, the Scotia Mobile App, and ATMs, all available at no extra cost.
  • Earn Competitive Interest: Start earning interest on your savings once your balance exceeds J$5,000.
  • Automatic Savings: Establish an automatic savings plan and benefit from bonus interest as your savings increase.
  • JDIC Insurance Coverage: The Scotiabank Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Fee Information: For comprehensive details on Scotiabank’s everyday banking fees, please refer to their Rates and Fees Guide.
Best for Spending

Scotiabank Payroll account

Features
  • Hassle-Free Banking! No monthly fees or minimum balance requirements.
  • No fees for Proprietary ATM and POS transactions
  • Conveniently deposit up to J$100,000 monthly
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$13.25 - J$60.00
ACH and
RTGS Fees
Free - J$1,536.15
Learn more
Best for Spending
  • Available for Jamaican Residents: Offered exclusively in Jamaican Dollars and available only to Jamaicans who are employed (including self-employed individuals) and earn J$100,000 or less per month.
  • Convenient Deposit Limit: Enjoy easy account management with a monthly deposit limit of J$100,000, designed to fit your financial needs.
  • No Monthly Fees: Enjoy banking without monthly charges or minimum balance requirements.
  • No Fees for Proprietary ATM and POS: Enjoy fee-free transactions at Scotiabank ATMs and POS terminals.
  • 24/7 Free Digital Banking: Access your account anytime, anywhere with Scotia OnLine, the Scotia Mobile App and ATMs, all available at no extra cost.
  • Scotiabank Mastercard Debit Card: Enjoy the convenience of a Scotiabank Mastercard Debit Card, providing access to online, mobile, and in-store shopping.
  • JDIC Insurance Coverage: The Scotiabank Payroll account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Fee Information: For comprehensive details on Scotiabank’s everyday banking fees, please refer to their Rates and Fees Guide.
Best for Savings

JN Bank Redi Save Savings Account

JN Bank
Features
  • Easy Start: Open your account quickly with minimal requirements
  • Bank online with JN LIVE. Enjoy free ATM withdrawals at JN ATMs
  • Low Minimum Deposit: Begin saving with as little as JA$100
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$10.00 - J$59.23
ACH and
RTGS Fees
J$17.77 - J$1,190.00
Learn more
Best for Savings
  • Easy Account Opening: Simplify your banking experience by opening your account quickly with just your TRN and ID. No lengthy paperwork or complicated procedures.
  • Low Initial Deposit: Start your savings journey with an affordable minimum deposit of only J$100.
  • Monthly Deposit Limit: Maximize your savings potential with the flexibility to deposit up to J$200,000 each month.
  • No Hidden Fees: Enjoy no minimum balance fee and no monthly service charge.
  • Free ATM Transactions: Benefit from free transactions at JN ATMs, allowing you to withdraw your money without additional costs.
  • Exclusive Discounts: Take advantage of significant savings with discounts from nearly 200 merchants using your JN card.
  • Convenient Online Banking: Manage your account on the go with JN LIVE.
  • Additional Perks: Enjoy a 10% discount on Jamaica Automobile Association membership and 20% off motor insurance with JN General Insurance Company Ltd.
  • JDIC Insurance Coverage: The JN Bank Redi Save Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Fees: JN Bank offers clear and transparent fee structures. For a detailed list of fees associated with this account, please refer to our Schedule of Rates Charges.
Best for Spending

Scotiabank Seniors Chequing Account

Features
  • No monthly fees and no minimum balance requirement
  • Free Point of Sale (POS) and Scotiabank ATM  transactions
  • Discounted fees on in-branch withdrawal and RTGS/wire transfers
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$6.63 - J$31.00
ACH and
RTGS Fees
J$236.90 - J$1,536.15
Learn more
Best for Spending
  • Tailored for Seniors: Designed specifically for seniors, this account offers day-to-day convenience and savings features that cater to your needs.
  • Convenience: Open an account with a Low minimum opening balance of just J$5,000.
  • No Monthly Fees: Enjoy banking without monthly charges or minimum balance requirements.
  • 24/7 Free Digital Banking: Access your account anytime, anywhere with Scotia OnLine, the Scotia Mobile App and ATMs, all available at no extra cost.
  • Discounted Transactions: Save on in-branch withdrawals, RTGS, and wire transfers, plus get a discount on non-Scotiabank ATM fees.
  • Debit Card: Use your debit card for convenient online shopping and purchases at international Point of Sale (POS) locations.
  • JDIC Insurance Coverage: The Scotiabank Seniors Chequing Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Fee Information: For comprehensive details on Scotiabank’s everyday banking fees, please refer to their Rates and Fees Guide.
Best for Savings

JMMB Advantage Savings Account

Features
  • Early access to interest: Get your interest payment upfront
  • Competitive rates: Earn competitive interest rates on your deposit
  • Borrowing option: Borrow up to 80% of your principal deposit
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$60.00
ACH and
RTGS Fees
J$19.75 - J$495.00
Learn more
Best for Savings
  • No Nuisance Fees: Eliminates the headaches of monthly service fees, account dormancy fees and minimum monthly balance requirements. You only pay for the transactions you make.
  • Minimum Opening Balance: Open your account with a minimum deposit of just J$500,000.
  • Instant Interest Payment: Receive your interest upfront at the start of the deposit period, giving you immediate access to your earnings.
  • Leverage Your Funds: Borrow up to 80% of your principal, providing flexibility in managing your finances.
  • Maximize Your Earnings: Benefit from competitive interest rates that help grow your money faster.
  • Fixed Returns: Enjoy the certainty of a fixed interest rate for the entire deposit period.
  • Convenient Access: Get your interest quickly, allowing you to take advantage of the time value of money.
  • JDIC Insurance Coverage: The JMMB Advantage Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Straightforward Fee Structure: JMMB prides itself on a clear and transparent fee structure. For a complete list of fees associated with this account, please refer to JMMB’s Fee schedule.
Best for Savings

JMMB Bonus Saver Savings Account

Features
  • No monthly fees, minimums or dormancy charges
  • Enjoy convenient access with a JMMB Bank Visa debit card
  • Earn interest daily, paid out semi-annually
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$60.00
ACH and
RTGS Fees
J$19.75 - J$495.00
Learn more
Best for Savings
  • Fee-Free Banking: Enjoy convenient banking without monthly fees, minimum balances or account dormancy charges.
  • Earn Extra with Bonus Interest: Increase your savings with attractive bonus interest paid twice yearly.
  • Convenient Access: Enjoy free deposits and cheque encashment (up to J$1 million) at your branch.
  • Hassle-Free Transactions: Enjoy free bill payments and hassle-free cash withdrawals at any Visa-certified ATM nationwide with your complimentary JMMB Bank Visa Debit card.
  • Complimentary Manager’s Cheque: Enjoy one free manager’s cheque each month for your convenience.
  • Currency Flexibility: Choose the account currency that best suits your financial goals.
  • JDIC Insurance Coverage: The JMMB Bonus Saver Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Straightforward Fee Structure: JMMB prides itself on a clear and transparent fee structure. For a complete list of fees associated with this account, please refer to JMMB’s Fee schedule.
Best for Spending

CIBC Digital Banking Chequing Account

Features
  • Avoid the Branch. Avoid the Fees
  • Track Your Spending Trends with 1st Insights
  • Enjoy Free Transfers to CIBC Caribbean Clients with 1stPay
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$59.23
ACH and
RTGS Fees
J$46.81 - J$107.00
Learn more
Best for Spending
  • Avoid the Branch. Avoid the Fees: Manage your banking without ever stepping into a branch. Enjoy a fee-free experience with our digital and ATM services, saving you both time and money.
  • Seamless Digital Account Opening: Open your account entirely online with CIBC’s secure digital process, eliminating the need for branch visits. Simply sign and collect your Visa Debit Card at your convenience.
  • Effortless Account Transfers: Move funds seamlessly between your accounts at different banks using our mobile app.
  • Visa Debit Card Benefits: Shop in-person or online with the convenience of a Visa Debit card.
  • Fee-Free Convenience: Use Proprietary ATMs, Point-of-Sale machines, Online Banking and our Mobile App to avoid monthly account fees.
  • Track Your Spending: Stay on top of your finances with 1st Insights, which helps you monitor your spending trends.
  • Easy Money Transfers: Conveniently send money to other CIBC Caribbean clients using 1stPay.
  • Manage Your Account Anywhere: Access and manage your account anytime with Online Banking or our Mobile App.
  • JDIC Insurance Coverage: The CIBC Digital Banking Chequing Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Fee Transparency: Stay informed with CIBC’s clear and comprehensive Schedule of Charges, ensuring you understand all associated costs upfront.
40
Show me:
chequing account type
  • Savings
  • Chequing

Denominated Curr.

Denominated Curr.
  • J$
Filter by:
cheq by company
  • CIBC
  • FGB
  • JMMB
  • JN
  • NCB
  • Sagicor Bank
  • Scotiabank
  • VMBS
chequing_class
  • All
  • Personal
  • Senior
  • Young Saver
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Investment Disclosure - Managed Funds

Please note that past performance of managed funds, including unit trusts and mutual funds, does not guarantee future results. While historical performance can provide valuable insights into a fund’s track record and management capabilities, it should not be the sole basis for making investment decisions.

Managed funds are subject to market fluctuations, economic conditions and various other factors that may affect their performance. Investors should carefully consider their investment objectives, risk tolerance and financial situation before investing in any managed fund.

Additionally, it’s essential to conduct thorough research and consult with a qualified financial advisor to ensure that the selected managed fund aligns with your individual investment goals and preferences.

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Fixed Income Investment Disclaimer:

  • Interest Rate Risk: The value of your fixed income investment may decline if interest rates rise. As rates go up, investors may be able to earn higher returns on new investments, potentially making your existing fixed-rate investment less attractive.
  • Credit Risk: There is always the possibility that the issuer of a fixed income security, like a CD, may default on their obligation to repay your principal or interest. This risk is generally lower with government-backed securities but can be higher with corporate bonds.
  • Market Volatility: Even fixed income investments can experience some price fluctuation, especially in secondary markets where they may be sold before maturity.
  • Early Withdrawal Penalties: Some fixed income investments, like CDs, may impose penalties if you withdraw your funds before the maturity date.

Before investing in any fixed income product, carefully consider your investment goals, time horizon, and risk tolerance. It’s important to understand the specific features and risks associated with each type of investment. Consider consulting with a financial advisor to ensure these investments align with your overall financial plan.

This information is for general purposes only and does not constitute financial advice.

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Last Updated: March 8, 2024. 

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