Planning a Family
Marriage
There's one piece of advice marriage our financial analysts give consistently. It's this: your wedding day, although very important, is only one day of your life. The following is some financial advice that can go a long way towards a happy marriage that lasts a lifetime.
- Tell all before tying the knot. It may sound unromantic, but you would never merge two companies without first conducting an audit. Revelations about debt, income and bad spending habits can wreak havoc on a new marriage. Couples should itemize on paper assets such as checking and savings accounts, investments and valuable collectibles. Also share information about liabilities, such as credit-card balances, and loans outstanding. This will also assist in determining the wedding and honeymoon budget.
- Don’t break your budget on the wedding. As we said earlier, the wedding is only one day of your life. The marriage is supposed to last a lifetime, so go into with as little debt as possible.
It is always wise to start saving early. ECFH has a number of options for you:
$uper$aver
Looking to earn high interest without locking your funds into a term deposit? Then our $uper$aver account is ideal for you!
Regular Savings
Our regular savings plan.
Home Start
Bank of Saint Lucia is making it easy for you to own your home. Our Home Start account will provide you with the building blocks.
Christmas Club
Save for your planned December expenses.
Honour 50
Special treatment for those 50 and older.
Time Deposits
You may also consider a low interest loan from ECFH, to assist you in financing your wedding or honeymoon.
- Consider a Joint Chequing Account. Consider a joint checking account to pay for joint expenses, such as rent, utilities and mortgage payments. It is also acceptable to maintain individual checking accounts as well.
ECFH offers the following chequing account options for you:
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Designed for individuals who are always on the move and require a broad range of services to properly manage their financial affairs.
Petit Chequing Account
Ideal for persons who have limited transaction needs, Bank of Saint Lucia's Petit Chequing Account offers customers the privilege of issuing cheques against their account while at the same time earning interest on balances above $300.
Current Account
To the young businessperson or budding entrepreneur, we offer the traditional Current Account. Designed for businesses with high transaction volume and cash handling needs
- Get help from a financial adviser. It's never too soon for serious couples to sit down and define their financial goals. Schedule time with one of our financial consultants or investment bankers who will assist you in making these critical decisions.
- Buying A Car. Choosing the right car involves your head and … some financial savvy. Finding out which vehicle you can afford to drive is a lot more complex than simply looking at the monthly cost of purchasing. It also requires that you factor in such things as insurance, fuel, maintenance, and depreciation costs over your period of ownership of the vehicle. Adding all this up can be rather sobering.
The following are some tips towards making the right decision:
In most cases, there are two costs to bare in mind: the purchase price of the new vehicle and the cost of financing. At ECFH, we can assist you with the last piece of the puzzle: financing. This is where consumers often make the greatest mistakes, even after they have negotiated a good price and even received a good deal on their previous vehicle.
Interest is key. The annual percentage rate that you end up paying will go a long way toward deciding what sort of deal you end up getting. At ECFH, our interest rates start as low as 8%.
Here's what you need to provide with your loan application:
- Get a Comprehensive Insurance Policy. EC Global Insurance Company Ltd. offers “Global Supreme” Motor Comprehensive Insurance. The “Global Supreme Motor Policy” is our standard, but enhanced comprehensive motor policy designed specifically for privately owned vehicles. Coverage is open to both male and female drivers who qualify to operate a private motor vehicle under the Road Traffic Act 1995. This special policy offers attractive policy benefits, terms and conditions.
Featured Benefits:
- Catastrophe Perils – Hurricane, Storms, Earthquake, Flood
- Accidental Damage
- Fire and Theft
- Third Party Liability
- Legal Defence Costs
- Medical Expenses Benefit – Up to EC$750.00
- Protected No Claims Discount after 5 consecutive claims free years. No penalty for the first 2 accidents if the claims are less than EC$20,000.
- Replacement of a new vehicle if there is a total loss in first year.
- Windscreen Coverage – Up to EC$3,000.00
- Special discount on any other type of policy taken out in own name or own business.
- Chance to win special renewal raffle each year
- Wrecker fees up to EC$1,000.00
- >> More Information
We also offer the “Angel Advantage Motor Policy” which was specifically designed and tailored in recognition of the good driving record of female drivers. Industry statistics have shown that female drivers have had a safer driving record and lower claims frequency when compared to their male counterparts. They have tended to exercise more care and better judgment and as such have generally earned themselves more favorable underwriting considerations from insurers. This special policy will offer more attractive policy benefits, terms and conditions to lady drivers. >> More Information
- Buying A Home. Planning to buy your first home is a very exciting step. From a financial perspective it is also probably one of the biggest commitments you will ever make. The following tips should help you get started.
Before you decide to buy a home, you first need to determine exactly how much you can afford to spend per month. Take into account the following factors:
- Your household income
- Your current expenses
- The estimated costs per month of all housing-related obligations
- The estimated costs per month of all housing-related obligations
- The debt-income ratio for mortgage financing
- Financing your new home. At Bank of Saint Lucia we believe that home ownership is good for everyone - from the buyer to the community at large. That's why we're finding creative ways to help you own your home...
Whether you're building or purchasing a home, refinancing your mortgage or purchasing your land, our courteous and professional staff will work with you to find a mortgage that is affordable and meets your individual needs.
From application to closing our mortgage experts will ensure that acquiring your new home will be as easy as ABC.
Make sure your mortgage is as comfortable as your home. Come to the Bank of Saint Lucia today!
Home Sweet Loan (Low Income Mortgage Loans)
Our Home Sweet Loan will make it easy for lower income families to get the financing they need for concrete, timber or plywood homes. Our down payments are as low as 5% and financing can be provided up to $90,000. As an added incentive to ensure you get your home, we've reduced our legal fees for eligible applicants, waived our stamp duty on title transfers and you'll also qualify for duty free building materials. So, if your family's combined monthly income is between $1,000 and $2,000 we'll show you the easy way home. >> More Information
HomeFlex (Flexible Mortgage Loans)
Not everyone has the comfort and security of a fixed monthly income. Perhaps some months you get more, others less and sometimes none at all. Bank of Saint Lucia sees no reason why that should prevent you from getting the home you've always dreamed about. With HomeFlex your payments will vary depending on how much you make. In the months of plenty - you pay more, in the months of little - you pay less. And just in case you were wondering, our interest rates are as low as 6% depending on your income. Now that's caring. >> More Information
HomeSafe (Home Equity Line of Credit)
Who ever said wishes don't come true? For those of you who always wished you had a credit reserve you could draw on - without the hassle and headache of having to reapply each time you needed it, your wishes have finally been answered. Our Home Equity Line of Credit will allow you to use the difference between the value of your home and what you still owe on it to fund major expenses in your life. Once you've gotten your line of credit you can use it as you wish, whenever you wish. >> More Information
- Insurance. Insurance is all about protecting the things you value: your home, your personal belongings and ultimately, your financial future. ECFH offer a full range of property insurance options at extremely attractive rates.
- Fire & Allied Perils Insurance
- Homeowners Comprehensive
- Burglary
- Contractors “All Risks”
- Mortgage Indemnity
- >> More Information
- Education. The fact is, in most cases, kids cost more than houses. This is especially the case when considering the rising cost of college tuition. There are, however, some ways that you can soften the financial impact on your family and ECFH can help:
Achiever Plus (A+) account for your child
Save, Save, Save! Get your child into the savings habit. Start by opening an Achiever Plus (A+) account for your child. The A+ account is designed for children and young people up to 18 years old, offering incentives to help keep them saving. As boring as it sounds to your children, get close friends, family and god parents to give cash gifts for birthdays and holidays, and place these in your child’s A+ Account.
Get yourself into the savings habit. ECFH offers a range of personalized savings and time deposit accounts specially tailored to suit your income and financial goals. Click on the links below for more information.
Time Deposit Options
$uper$aver
Looking to earn high interest without locking your funds into a term deposit? Then our $uper$aver account is ideal for you!
Regular Savings
Our regular savings plan.
Home Start
Bank of Saint Lucia is making it easy for you to own your home. Our Home Start account will provide you with the building blocks.
Christmas Club
Save for your planned December expenses.
Honour 50
Special treatment for those 50 and older.
>> More Information on student loans
- Invest your money. If you have several years to go before you have to start funding university fees, then investing could be an option for you. Wherever you invest your income, whether it is stocks, bonds or other investment options, remember that what you should look for is the best return over an extended period of time. Bank of Saint Lucia is a duly licensed Broker/Dealer on the Eastern Caribbean Securities Exchange (ECSE). Our Registered Officers will assist you with the trading of securities (Stocks and Bonds) on the ECSE. Persons interested in buying and selling securities on the ECSE can simply come in to Bank of Saint Lucia and our Representatives will be happy to assist.
- Get help from a Financial Adviser. At Bank of Saint Lucia you have access to professional and courteous financial consultants and Investment Bankers who can help you identify an investment strategy for your individual goals and help you choose from a range of investment products locally and overseas. Our officers will meet with you one-on-one to clearly understand your financial needs and investment objectives. They will explain the various investment options available to you then help you establish an investment plan that suits your unique needs and objectives. Our well-trained fund managers will oversee your investments to ensure that returns are optimized to suit your goals and risk profile. Bank of Saint Lucia's Investment Banking Division provides personalized and professional investment advisory services to our clients, both potential and existing customers. Who knows, funding your child’s university education could turn out to be one of the best investment decisions you’ve made in a long time!
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