Financial planners stress that the first thing one should do when selecting a bank is to identify one’s particular needs. Are you primarily concerned with a savings account? Are you looking for cheap loans without a catch on easier terms? Are you just looking for the most convenient or secure place to hold your funds? There are many factors to consider and there are different financial banks in Jamaica that provide different types of banking solutions that can match one’s needs. The following are the best five banks in Jamaica.
1. National Commercial Bank Jamaica
National Commercial Bank Jamaica (NCB) provides banking services in Jamaica. It has headquarters in the capital of Kingston, Jamaica. National Commercial Bank Jamaica Limited (NCB) has evolved from 1837 when the Colonial Bank of London, England began its operations in Kingston Jamaica. Over the years, through a series of acquisitions and mergers, it eventually emerged as National Commercial Bank Jamaica Limited in August 1977.
NCB is the largest financial group in Jamaica, which focuses on providing highly competitive and innovative products and service offerings for its customers. The bank offers savings accounts, personal and business loans, cards, and insurance products, as well as stock brokerage and financial management services. National Commercial Bank Jamaica serves the corporate and individual sectors extensively.
2. Jamaica National Bank (JN Group
The Jamaica National Group Limited represents one of Jamaica’s largest mutually-owned commercial banks in the country. One arm of the Jamaica National Building Society was converted to JN Bank, one of the largest commercial banks in Jamaica. JN Bank has a rich history and legacy dating back to nearly 150 years, and which it continues to build on as a member of The Jamaica National Group.
3. Scotiabank Jamaica
Scotiabank has been in Jamaica since 1889 and provides state-of-the-art retail and commercial banking services to the residents of Jamaica. They started with a small banking office in Kingston in 1889 and today they have a sophisticated island-wide network of 35 branches with a staff strength of more than 2000. They specialize in a variety of services in personal, corporate & commercial, small business as well as premium banking.
Scotiabank maintains an intimate relationship with its customers at the community level. Scotiabank believes in giving back to the community and this spirit is reflected in their large number of employee’s involvement in community services in the form of participation in social, cultural, and sporting activities. In the past 120 years, they have made a great impact in Jamaica by enriching the lives of economically and socially disadvantaged persons, supporting communities and institutions through sustainable corporate social responsibility among its people.
4. Sagicor Bank Jamaica
Sagicor Group Jamaica is a full-service financial institution offering a range of services like banking, investments, life & insurance, pensions, real estate, and more. The Sagicor Group has an outstanding history and reputation for leading innovation. Today Sagicor Life Jamaica Limited is the leading life and health insurance provider in Jamaica. The bank is one of Jamaica’s largest commercial banks in the country and Sagicor Investments Jamaica Limited is one of the top investment companies in Jamaica.
5. CIBC First Caribbean International Bank Jamaica Ltd
CIBC FirstCaribbean International Bank (FCIB) is a financial services company and is the Caribbean subsidiary of the Canadian Imperial Bank of Commerce. The bank was founded in 2002, and the majority of the bank’s revenues are generated by its operations in Barbados, the Cayman Islands, and the Bahamas. With over 2,700 staff, 60 full-service branches, CIBC First Caribbean Bank provides a range of services for the Jamaican people.