A lifestyle account is generally one that allows individuals to save and rewards them for the size of their balance. The more you save, the more your interest rate will be, creating a positive cycle of financial growth for the account holder.
If you are having trouble saving, or you don’t feel that your current account is providing you with the level of interest that you deserve, then consider opening up a lifestyle account through the Caye International Bank on Ambergris Caye, Belize.
Interest Rates Grow With Your Savings
What sets a lifestyle account apart from other savings or checking accounts is the fact that the interest rate you are paid depends on the balance you have in the account. If your balance is somewhere below $24,999, then your APR will be .10%.*
As your balance grows and you have between $25,000 and $99,999, so too will your interest rates grow, and you can expect to receive an impressive 0.25% ARP. If your balance exceeds $100,000, then your APR will rise in tandem and pay out 0.50%.*
Encourages Saving for Account Holders
Whatever stage of life you might be in, saving liquid assets can be challenging. There are always new investments and new opportunities available, but sometimes the safest and most secure option is to maintain a minimum balance of cash in your account.
To help you accomplish your goal of saving enough for a home deposit, the cash purchase of an international vacation home, your retirement or trusts for your grandchildren, a lifestyle account may be the answer. You’ll be motivated to save in order to enter the next APR percentage bracket, encouraging smart spending habits over time.
Reasons to Choose Caye International Bank
Since there are many places around the world where you can open a lifestyle account, you might wonder what sets Caye International Bank apart. First, and most importantly, is the fact that Caye Bank offers impressive rates of interest on account balances. Second, security is a high priority, particularly when you have such large balances in a single account.
Since Caye International Bank is located in Belize, where taxes are nonexistent for foreign capital gains and government intervention in personal finances simply doesn’t exist, security won’t ever be a worry for you. You will also have access to a prepaid debit card to access your funds internationally instantly, and the fees associated with the lifestyle account are minimal compared to the fees at many other international banks.
Applying for a Lifestyle Account
Once you’ve decided to open up a lifestyle account through Caye International Bank, you can begin the application process. The application fee is $100, and you will need to ensure a minimum starting balance of $500. Documents to be submitted with your application will include a notarized copy of your passport, a personal reference letter, a bank reference letter and a copy of a utility bill proving your current residence.
Lifestyle accounts can be an appealing option for those who want to grow their savings and enjoy higher interest rates on their total balances.
*These figures are based on today’s 2015 interest rates with Caye Bank.