More Interest. Money in the account will earn interest at one percent above the normal Ordinary Savings Account rate (please see our Rates page for details of current rates) .
Unlimited deposits. Pay in any amount, at any time.
Your investment is paid out when your reach 60

PRESS RELEASE:
New Life Account granted "pension scheme" status
(issued 13 September 2007)

Bank of St. Helena is pleased to announce that its New Life Account has been granted "pension scheme" status by the St. Helena Commissioner of Income Tax, under the Tax Ordinance (Cap 146) Schedule II, Allowance E.

This means that persons holding a New Life Account can apply to the Commissioner of Income Tax to be able to make payments into the account from their income without deduction of income tax, as described in the above schedule.

For more information on the requirements of the schedule and how to apply for "pension scheme" status please contact the St. Helena Government Tax Office.

Opening a New Life Account

Anyone aged under 60 who meets the bank's normal criteria for being an account holder can open a New Life Account.

The bank's normal savings account terms and conditions apply, except as set out below.

If we don't already have it on file, you will need to supply evidence of your date of birth (we need this to determine the date of your 60^th birthday).

To open a New Life Account either obtain an application form from any office or download one from the documents section of this website.

Paying In

You can pay in any amount at any time. You do not have to make regular payments, but if you want to we can set up a standing order.

You can receive money into the account in all the ways you can for any other savings account: cash payments, account transfers, standing orders, receipts from overseas, etc.

Interest Rate

The Interest rate is currently 1.0 percent above the rate on our ordinary savings account.

Withdrawals

Under normal circumstances you may not make any withdrawals until you reach the age of 60. When you are 60 the account is converted into an ordinary savings account, after which you may use the account as any other savings account, including making withdrawals.

Questions

If you have a question not covered below, please ask at any bank office.

Q: In an emergency can I get the money out before I'm 60?

At any time you can ask us to convert the account into an ordinary savings account. You will pay a small penalty, as follows:

? If you have held the account for less than 1 year we will treat it as if it had always been an ordinary savings account; that is we will recalculate the interest at the ordinary savings account rate.
? If you have held the account for more than 1 year, we will deduct the last year's additional interest; the interest will be recalculated as if it had been an ordinary savings account for the last twelve months.

Q: What if I die before I'm 60?

We will pay out to your executor(s). There will be no penalty or deduction of interest.

PLEASE NOTE:

All the bank's normal account Terms & Conditions apply to higher interest accounts except where explicitly declared otherwise.
These accounts can only perform a subset of our banking transactions. For an account that provides a full range of banking transactions please see the Bank of St. Helena Current Account.

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Maintained until 31st March 2008 by http://www.burghhouse.com

PRESS RELEASE:New Life Account granted "pension scheme" status(issued 13 September 2007)