Share Account

To become a member of the Jamaica Police Co-operative Credit Union Ltd. (JPOL), it is compulsory to open a Share account as this makes you part owner. Our share account is divided into two parts namely: Voluntary Shares and Permanent Shares

It is compulsory that all NEW MEMBERS are required to pay an entrance fee which includes depositing a minimum of Two Thousand dollars ($2,000) to Permanent Shares and Five Hundred dollars ($500) to Voluntary Shares upon opening the account. See Rule 6a

See Publication Rule Book

Voluntary Shares

"Voluntary Shares” mean shares that are not a part of risk capital but are withdrawable upon request in accordance with special conditions as determined by the Board of Directors

This will be your primary savings account, that qualifies you for loans. Interest is paid twice per year on this account, as declared by the Board of Directors; according to the profitability of the Credit Union's operation. You are encouraged to make regular contributions to this account as it also increases your capacity to borrow. Voluntary Shares should be considered as permanent savings and not be withdrawn on a casual basis.

Permanent shares

“Permanent Shares” mean shares paid up in cash and invested as risk capital, which are redeemable in accordance with Rule 13 of the Rules and may be issued with such special rights and restrictions as determined by the Board of Directors.

Permanent shares are investments made by our members of JPOL which form part of the credit union's permanent capital for which dividend shall be payable on same, as determined by the Annual General Meeting. It is compulsory for all members to have at least two thousand dollars ($2,000) in the account. It cannot be withdrawn, but they can be transferred to other members.

In case of death or resignation as a member; investments in permanent shares may be redeemable subject to the sale, transfer, or repurchase of such shares. Request for transfer may be made on any day the Society is open for business, but the Board of Directors shall reserve the right at any time to require a member to give notice of not exceeding six (6) months. Provided that no transfer can be effected if the member requesting such transfer is liable to the Credit Union as a borrower or co-maker.
For more information please see Rule book  or Frequently asked questions about Permanent Shares

Ordinary Deposit Account

This account is ideally suited for saving money required on call; that is money required for periodic and monthly expenses such as utility bills etc. Funds may be withdrawn whenever needed via an ATM card or in branch. Standing order arrangements can also be placed on this account. Additionally, this account earns an attractive interest; which is credited to your account bi-annually.

Smart Savers

Members’ with children ages 0-16 years are able to open this account with the Credit Union. This helps to develop a thrifty habit in the children.
Interests of 1% above the Ordinary Deposit rate is calculated daily and paid monthly to these accounts. This account qualifies the child for GSAT bursaries, Scholarships and other cool prizes.

Fixed Deposit Account

This account requires a minimum deposit of $10,000.00. It offers competitive interest rates on 30- 365 day deposits. There is no penalty for adding funds, however there penalties are applied for withdrawal of interests before the end of the fixed period prearranged by you and your Credit Union.

Partner Plan

The JPOL Partner Plan is the easy way to save for those smaller luxuries in life. It is similar to that of the traditional partner plan, except you can earn up to two hands extra at the end of the draw period. The partner plan offers flexible payment options; i.e. weekly, fortnightly or monthly. Draws are guaranteed and your money is secure. The minimum hand to be thrown is $500.00.

How it Works and Rate Plans

Golden Harvest

This is a flexible medium to long term savings plan designed to help you achieve your goals of:

• Sending your child to a High School or University
• Buying a House
• Retiring in comfort
• Travel & Vacation
• Paying for your child's wedding
• Purchasing a Motor Vehicle

This account offers competitive interest rates with reducing term insurance. The Golden Harvest Savings Plan is combined with a decreasing term life insurance. It is designed specifically for Credit Union members by CUNA Mutual.

Read more about the Golden Harvest

Christmas Club

Members who are a part of this club save a set amount (determined by them) towards Christmas or end of year expenses.

Rates for Saving Accounts as per discussion at Annual General Meeting (Rates are subject to change)