Best Business Bank Accounts in Jamaica for 2025

Find the perfect account to simplify your business finances. Whether it's a chequing account for daily transactions or a savings account to grow your business' financial reserves, ScoopRate helps you compare and choose the best option. Start comparing today and find the best account for your business!

Last Updated: January 3, 2025

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40
Show me:
chequing account type
  • Savings
  • Chequing
Sort by:
chequing sort

Denominated Curr.

Denominated Curr.
  • J$
Filter by:
cheq by company
  • CIBC
  • FGB
  • JMMB
  • JN
  • NCB
  • Sagicor Bank
  • Scotiabank
  • VMBS
Best for Savings

Sagicor Bank Business Savings Account

Features
  • Competitive Interest: Earn interest calculated daily and credited monthly
  • Unlimited Transactions: Enjoy unlimited credits at no extra cost
  • Digital Banking: Manage your account conveniently online
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$7.90 - J$59.23
ACH and
RTGS Fees
J$19.75 - J$401.87
Learn more
Best for Savings
  • Minimum Opening Deposit: A minimum deposit of J$50,000.00 is required to open the account, aligning with your business’s financial strategy and growth.
  • No Maintenance Fees: No maintenance fees or service charges are applied if there are no more than 2 withdrawals per month, helping you keep your costs low.
  • Unlimited Free Credits: Enjoy the advantage of unlimited credits at no additional cost, facilitating smooth and unrestricted deposits.
  • Online Banking Access: Full access to online banking provides easy management of your account, anytime and anywhere.
  • Multi-Currency Flexibility: Accounts are available in up to 5 currencies, allowing for flexibility and convenience in managing international transactions.
  • Daily Interest Accrual: Enjoy the benefit of interest that is calculated on your balance daily and credited to your account monthly, helping your business grow its reserves effortlessly.
  • JDIC Insurance Coverage: The Sagicor Bank Business Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Plan with confidence: Sagicor Bank provides an intuitive Fee Guide, ensuring you can easily understand their service charges upfront. For more details, you can visit the Sagicor Bank Credit Cards Fee 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
  • 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.
  • Know Your Costs Upfront: The JMMB Advantage Savings Account features a straightforward fee structure. While some transaction fees apply, you’ll avoid common hassles like monthly service fees and minimum balance requirements. For a complete list of fees, please refer to JMMB’s Bank Business Fees Schedule.
Best for Spending

JMMB Smart Business Chequing Account

Features
  • No Nuisance Fees
  • Free & Easy Money Management
  • Interest on Your Business Funds
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 Spending
  • 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$5,000.
  • Interest on Your Business Funds: The JMMB Smart Business Chequing Account (for SMEs) is an interest-bearing account, meaning your company’s money grows over time.
  • Easy Access to Your Cash: Enjoy the convenience of free deposits, withdrawals and cheque encashments (up to J$1 million) at any JMMB branch.
  • Convenient use: Enjoy free online bill payments and move your money freely between your JMMB accounts and other local institutions without any fees.
  • JDIC Insurance Coverage: The JMMB Smart Business Chequing Account (for SMEs) is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Know Your Costs Upfront: The JMMB Smart Business Chequing Account (for SMEs) features a straightforward fee structure. While some transaction fees apply, you’ll avoid common hassles like monthly service fees and minimum balance requirements. For a complete list of fees, please refer to JMMB’s Bank Business Fees Schedule.
Best for Savings

Scotiabank SME Business Savings Account

Features
  • Earn competitive interest on your surplus funds with tiered rates
  • Quickly access your money when needed for business opportunities
  • Track your balance and transactions with detailed statements
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
J$31.80 - J$60.00
ACH and
RTGS Fees
Free - J$1,536.15
Learn more
Best for Savings
  • Daily Interest: Earn interest on your balance daily, with payments made monthly.
  • Competitive Tiered Rates: Benefit from competitive interest rates that increase with higher balances, starting from a minimum opening balance.
  • Easy Access: Quickly access your cash reserves to seize business opportunities.
  • Effective Account Management: Manage your account efficiently with eStatements through Scotia Online or mobile banking.
  • Self-Service Banking: Enjoy free access to ATMs, Internet Banking, and Telephone Banking for convenient, anytime banking.
  • Unlimited Inquiries: Perform unlimited balance inquiries through all Self-Service Banking channels.
  • JDIC Insurance Coverage: The Scotiabank Business Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Fee Transparency: Gain a clear understanding of your Business account fees and charges by reviewing Scotiabank’s detailed Fee Guide.
Best for Spending

VMBS Business Growth Account

Features
  • Reduced Fees: Lower loan fees for qualifying self-employed and sole traders
  • Competitive Rates: Earn more with great interest on daily balances and operating funds
  • Online Access: Manage your finances effortlessly with VM Express Online for Business
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 Spending
  • Fuel Your Business Growth: Self-employed individuals and sole traders with annual turnover under J$15M can access reduced fees on business loans up to J$10M. Plus, enjoy special rates on personal loans to support your overall financial health.
  • VM Express Online for Business: Access your accounts 24/7 to quickly pay bills, view detailed statements, and make informed financial decisions.
  • Keep more of your money: Enjoy low or no fees on our Business Operating Accounts, including free setup and changes to standing orders.
  • Benefit: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Competitive Interest Rates: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Payroll Services: Enjoy free deposits to employees’ accounts, making payroll processing easy and cost-effective.
  • JDIC Insurance Coverage: The VMBS Business Growth Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Pricing: The VMBS Smart Business Account features a straightforward fee structure. For detailed information, please consult VMBS’s Business Schedule Of Fees & Charges.
Best for Spending

VMBS Business Maximizer Account

Features
  • Reduced Fees: MSMEs can access reduced fees on business loans
  • Competitive Rates: Earn more with great interest on daily balances and operating funds
  • Online Access: Manage your finances effortlessly with VM Express Online for Business
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 Spending
  • Take Your Business to the Next Level: Qualify for reduced business loan fees and a 50% discount on your first annual account audit. Our Business Maximizer Plan is designed for Micro, Small, and Medium Enterprises with annual turnover between J$15M and J$425M.
  • VM Express Online for Business: Access your accounts 24/7 to quickly pay bills, view detailed statements, and make informed financial decisions.
  • Keep more of your money: Enjoy low or no fees on our Business Operating Accounts, including free setup and changes to standing orders.
  • Benefit: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Competitive Interest Rates: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Payroll Services: Enjoy free deposits to employees’ accounts, making payroll processing easy and cost-effective.
  • JDIC Insurance Coverage: The VMBS Business Maximizer Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Pricing: The VMBS Smart Business Account features a straightforward fee structure. For detailed information, please consult VMBS’s Business Schedule Of Fees & Charges.
Best for Savings

FGB Corporate Savings Account

Features
  • Earn Interest: Grow your funds with interest on surplus savings
  • Multiple Currency Options: Manage funds in various currencies
  • Security and Protection: Safeguard your business savings with JDIC insurance
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$65.00
ACH and
RTGS Fees
J$21 - J$2,500
Learn more
Best for Savings
  • Interest Bearing: Earn interest on your savings while enjoying the convenience of a traditional savings account.
  • Scalability: Designed to accommodate businesses of all sizes.
  • Multi-Currency Options: Choose from a variety of currencies to suit your business needs.
  • Optimized for Idle Funds: Ideal for maximizing returns on surplus cash.
  • JDIC Insurance Coverage: The FGB Corporate Savings Account is protected by the Jamaica Deposit Insurance Corporation (JDIC) scheme, with coverage up to J$1,200,000.
  • Transparent Fee Structure: FGB ensures a clear and straightforward fee structure tailored to meet the needs of businesses. For a comprehensive breakdown of fees associated with this account, please consult FGB’s Fee Schedule before applying.
Best for Spending

VMBS Business Premium Account

Features
  • Reduced Fees: Lower loan fees and annual account audits for corporations
  • Competitive Rates: Earn more with great interest on daily balances and operating funds
  • Online Access: Manage your finances effortlessly with VM Express Online for Business
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 Spending
  • Elevate Your Business: Corporations with annual turnover exceeding JMD$425M can experience premium service with our Business Premium Plan. Enjoy exclusive benefits including reduced business loan fees and complimentary annual account audit confirmation.
  • VM Express Online for Business: Access your accounts 24/7 to quickly pay bills, view detailed statements, and make informed financial decisions.
  • Keep more of your money: Enjoy low or no fees on our Business Operating Accounts, including free setup and changes to standing orders.
  • Benefit: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Competitive Interest Rates: Boost your earnings with competitive interest rates on daily cash balances and operating funds, supporting your business growth.
  • Payroll Services: Enjoy free deposits to employees’ accounts, making payroll processing easy and cost-effective.
  • JDIC Insurance Coverage: The VMBS Business Premium Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Pricing: The VMBS Smart Business Account features a straightforward fee structure. For detailed information, please consult VMBS’s Business Schedule Of Fees & Charges.
Best for Spending

NCB SME On-The-Go Chequing Account

Features
  • Low-Cost Banking: No minimum balance or monthly fees
  • Flexible Transactions: Easy deposits and withdrawals
  • Digital Convenience: Manage your account online
Monthly Fee
J$0.00
Min. Monthly
Balance
J$0.00
POS and
ABM Fees
Free - J$60.00
ACH and
RTGS Fees
J$28.75 - J$3,450.00
Learn more
Best for Spending
  • Affordable Start: Open your account with just J$2000.
  • No Hidden Costs: Enjoy no minimum balance fee and no monthly service charge.
  • Free Online Bill Payments: Easily manage your bill payments online at no extra cost.
  • Seamless Transactions: Use the account for loan repayments, standing instructions, and more, with the ability to make deposits and withdrawals as needed.
  • Digital Banking Integration: Link your account to Business Online Banking for effortless management.
  • JDIC Insurance Coverage: The NCB SME On-The-Go Chequing Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Pricing: NCB is dedicated to providing clear and transparent pricing for its business products. For a complete list of fees associated with this account, please refer to our Customer Fee Guide.
Best for Savings

NCB Regular Savings Account

Features
  • Steady Returns: Earn interest on your savings with a steady rate of return
  • Biannual Interest Payments: Interest is paid twice yearly in May and November
  • Easy Access: Keep your cash accessible for your operating needs
Monthly Fee
J$212.75
Min. Monthly
Balance
J$5,000.00
POS and
ABM Fees
Free - J$60.00
ACH and
RTGS Fees
J$28.75 - J$3,450.00
Learn more
Best for Savings
  • Consistent Growth: Interest is calculated on your minimum monthly balance and paid twice yearly in May and November, ensuring steady returns.
  • Easy Access: Your funds are readily available whenever you need them, making this account ideal for managing your operating expenses.
  • Digital Banking Integration:Link your account to Business Online Banking for effortless management.
  • JDIC Insurance Coverage: The NCB Regular Savings Account is insured up to J$1,200,000 by the Jamaica Deposit Insurance Corporation (JDIC) scheme.
  • Transparent Pricing: NCB is dedicated to providing clear and transparent pricing for its business products. For a complete list of fees associated with this account, please refer to our Customer Fee Guide.
40
Show me:
chequing account type
  • Savings
  • Chequing
Sort by:
chequing sort

Denominated Curr.

Denominated Curr.
  • J$
Filter by:
cheq by company
  • CIBC
  • FGB
  • JMMB
  • JN
  • NCB
  • Sagicor Bank
  • Scotiabank
  • VMBS
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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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