This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.
What are the required monthly contributions?
A minimum of $100 has to be deposited on a monthly basis. However, customers can choose to increase their monthly contributions or make lump sum deposits.
What are the documents required to open an Edu Start Savings Plan?
Contributor: Two forms of picture ID and a utility bill as proof of address. Beneficiary: One form of picture ID or a birth certificate in the case of a minor.
Can I open an Edu Start Savings Plan in my name?
Yes.
How many beneficiaries can I have on the Edu Start Plan?
Each account is allowed only one beneficiary.
Can I withdraw from my account at any time?
No. Withdrawals are not allowed.
Can I deposit directly into the account?
Yes, but there must be a monthly commitment via standing order or salary deduction, and any additional deposits can be made over the counter directly to the Edu Start Account.
What is the return on the Edu Start investment?
The Edu Start savings plan earns interest at 1% higher than the regular savings rate. In addition, 50% of the net additional returns earned (profit) on the Edu Start investment portfolio is distributed to customers.
When is interest paid?
Interest is paid annually.
Is there a time limit for my Edu Start Investment?
The Edu Start account must be held for a minimum of three years and a maximum of fifteen years.
Can I close my Edu Start account before maturity?
Yes, however, there is a penalty for early closure.