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Business Banking Services |
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Deposits: |
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- Pass Book Savings
offers customers the opportunity to save for the future at rates
of interest from 2% to 4% which are added on to the account quarterly.
- Christmas Club Savings allows depositors to save specifically in preparation
for Christmas expenditure. Customers can use this product to
save for transfer to term deposits on maturity. The rate of interest
on this account is 5%.
- Term Deposits are
offered at competitive rates. Interest on Eastern Caribbean Dollar
(EC$) deposits ranges between 4.5-6.5% and on U.S. Dollar (US$)
deposits between 4.0-5.25% for deposits placed up to three years.
- Rates
paid on very large deposits for short periods are negotiable
and are determined by the rate of interest the bank can obtain
in the international market for like size deposits and terms.
- Only bank in Anguilla that pays interest
on checking accounts (Demand Deposits).
Interest is paid on balances exceeding EC$ 3,000 or US$ 1000.
Service charges are low and overdrawing facilities are available.
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Loans & Overdrafts: |
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- Loans are granted to new and old businesses
to assist them in financing the following:
| - inventory purchases |
| - new products |
| - furnishings |
| - equipment |
| - vehicles |
| - expansion of premises |
| - construction |
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| Business
proposals are required for all requests for financing. General
information expected to be contained in most proposals are: |
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| - historic
financial statements |
| - a pro forma
income statement |
| - a pro forma
income balance |
| - a cash
budget |
| - personal
financial statements |
| - cash flow
analysis |
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| Terms of
business loans range from one to ten years and rates from 10-13%
based on size and any special relevant circumstances. |
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- Overdraft facilities
to meet working capital and bridging needs are available to desiring
and qualifying businesses. The request for such facilities should
take the same form as for a business loan above.
- Business Overdrafts are usually granted for no more than a year and
are related to the particular needs of the business. Rates of
interest are the same as for business loans.
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Foreign Services: |
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Investment Services: |
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Other Services: |
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- Night Deposit Rental (per annum)
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EC$ 90.00 |
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EC$ 15.00 |
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EC$ 5.00 |
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EC$ 5.00 |
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EC$ 10.00 |
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