Interest will be calculated on minimum monthly balances of $500 or more and paid monthly on the last day of each month.
| Here are the features of your Savings Plus account | Here are the benefits of your Savings Plus account |
| FREE OneCard/LINX Card (optional) | Keep track of your account balance Get convenient 24/7 access to your account via theBlue Machine, the largestABM network locally Enjoy the flexibility of paying for goods and services at LINX merchantsnationwide. You don’t need to carry cash! Get immediate access to funds in an emergency |
FREE OneCard Wallet | Protects your OneCard from damage |
FREE and instant access to your account(s) with RepublicOnline, RepublicMobile App or RepublicMobile SMS banking. | No need to leave home!With electronic banking, you can: - check your account balances (including credit card and VTM card balances)
- transfer funds between self-linked Republic Bank accounts
- pay credit card and utility bills and much more!
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Two FREE withdrawals per quarter | Develop a good saving habit! |
FREE Passbook | Keep track of your account balance |
No restrictions on deposits | Building a nest-egg is easy! |
Help choose the account that’s right for youCompare Now!
| Interest Rates | Service Fees |
| Current Rate: 0.10% paid on the last working day of month on balances of $500.00 or more. | Two FREE debits per quarter. If you exceed this limit, you have to pay a fee of $4 per extra debit (ABM, POS and Teller Fees may apply). This fee is applied on the 24th of March, June, September and December. Cost of ABM transactions at other banks: - Approved cash withdrawal - $4.00
- Declined cash withdrawal - $1.15
- Approved Balance Enquiry - $0.75
- Declined Balance Enquiry - $0.75
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What you will need
Before visiting our branches, ensure you have the following documents:
Identification Requirements if you are:
- New and Existing Republic Bank Customer
- Non-Resident or Foreign Based National
One (1) form of Identification which clearly states your nationality (e.g. National Identification Card or Passport).
Kindly note the following:
- Where a Drivers License has been presented which does not explicitly state your nationality, you would be required to provide another form of Identification such as your National ID, Passport or any other document that validates your nationality, for instance your Birth Certificate
- If you have dual nationality, you are to provide one (1) form of Identification stating the nationality relating to each country of which you are a national.
For New and Existing Republic Bank Customers
Recent Utility Bill and Authorization Letter, if the utility bill is not in your name
Job Letter
Pay slip
Reference Letter (In some cases)
Required Deposit for opening
To ensure that you have all the documents needed to open the account, kindly contact any one of our conveniently located branches before your appointment date. Our friendly branch staff will be happy to assist you.
For Non-Residents or Foreign Based Nationals
Utility Bill in the customer’s name valid for three (3) months (Telephone, Electricity, Water, Cable/Internet)
N.B. Where the utility bill is not in the customer’s name, the customer can submit the lease agreement, where available, or a letter from the landlord addressed to the Bank.
Proof of income:
- Salaried individuals - Job Letter and a recent payslip dated within the last three (3) months
- Self-Employed individuals will be required to submit further financials;
- Up-to-date Audited Financial Statements (for the last three (3) years) OR
- Management Accounts (for the last three(3) years) OR
- Statement of Affairs and Statement of Income & Expenditure (these are available at the Sales Department upon request)
- For a start-up entity*: An opening Balance Sheet & Cash Flow projections
Reference letter from the customer’s bankers abroad (not required where a non-national has proof of legal status and has been residing in Trinidad and Tobago for over five (5) years)
Where applicable, Work Permit/ CSME Certificate/ Other official document granting permission for employment/ Letter of enrollment/acceptance from Institution in Trinidad & Tobago (for Students only)*Start-up entity refers to entities which have been in operation for less than three (3) years.
FAQs
The Savings Plus Plan (SPP) is a voluntary program which allows eligible state and CSU employees to save toward retirement by investing pre-tax or after-tax (Roth) contributions made through payroll deductions.
What is the maximum contribution to savings plus? ›
401(k) and 457(b) plan contribution limits for tax year 2022. 401(k) -- The maximum contribution limit if you're under age 50 is $20,500. The contribution limit plus the Age-Based Catch-Up if you're 50 or older is $27,000. 457(b) The maximum contribution limit if you're under age 50 is $20,500.
Can I take money out of my savings plus account? ›
Any withdrawal from your account may have income tax implications. A 10% early withdrawal tax may apply if you take a withdrawal prior to age 59 ½. If your withdrawal includes Roth assets, there may be additional tax liabilities if certain age and time requirements are not met.
Is 10% savings enough? ›
If your employer does nothing, set aside at least 10% of each paycheck on your own. (If you are older and haven't started retirement saving, then 10% will be too low: start thinking at least 15%-20%.) Of course, there will be times when you're between jobs or you need your money for a pre-retirement-age emergency.
Is savings plus the same as CalPERS? ›
While CalPERS may be your primary source of retirement income, the Savings Plus plan allows you to save the additional amount that CalPERS won't cover at retirement.
Is savings plus a 401k? ›
CalHR Savings Plus
We offer a 401(k) Plan and a 457(b) Plan with both pre-tax and Roth (after-tax) contribution options.
How does Savings Plus work? ›
About Savings Plus
We are a voluntary retirement program allowing you to supplement your retirement benefits through pre-tax and Roth payroll contributions. We offer a 401(k) Plan and a 457(b) Plan.
What is the minimum balance for Savings Plus? ›
Higher earnings on a Savings Plus account are paid monthly on balances up to $5,000, and there are no monthly service fees or minimums.
What is the catch-up for deferred compensation? ›
The plan may also permit catch-up contributions. Catch-up deferrals - A governmental 457(b) plan may allow age-50 catch-ups of an additional $7,500 in 2023 and 2024 ($6,500 in 2020, 2021 and 2022 and $6,000 in 2015 - 2019).
When you retire, is your 401k in lump-sum? ›
Depending on your company's rules, when you retire you may elect to take regular distributions in the form of an annuity, either for a fixed period or over your anticipated lifetime, or take nonperiodic or lump-sum withdrawals.
You can do a 401(k) withdrawal while you're still employed at the company that sponsors your 401(k), but you can only cash out your 401(k) from previous employers. Learn what do with your 401(k) after changing jobs.
What is the penalty for taking money out of savings account? ›
This common bank fee is referred to as an excess transaction fee. It can cost up to $10 per transaction. Frequent withdrawals also affect the amount of interest you can earn on a savings account.
Can I retire at 65 with no savings? ›
You can still live a fulfilling life as a retiree with little to no savings. It just may look different than you originally planned. With a little pre-planning, relying on Social Security income and making lifestyle modifications—you may be able to meet your retirement needs.
How much money do I need to invest to make $3,000 a month? ›
Imagine you wish to amass $3000 monthly from your investments, amounting to $36,000 annually. If you park your funds in a savings account offering a 2% annual interest rate, you'd need to inject roughly $1.8 million into the account.
How much should I have in my 401k at 40? ›
Fidelity says by age 40, aim to have a multiple of three times your salary saved up. That means if you're earning $75,000, your retirement account balance should be around $225,000 when you turn 40. If your employer offers both a traditional and Roth 401(k), you might want to divide your savings between the two.
Is Savings Plus part of Nationwide? ›
The State of California Savings Plus program is staying with Nationwide to provide recordkeeping and education services for the plan's 457(b) and 401(k) contribution plans and the Temporary Employees Retirement Program (PST).
What is Nationwide Savings Plus? ›
Savings Plus is a voluntary program offered by the California Department of Human Resources (CalHR) and administered by Nationwide Retirement Solutions. This program allows eligible state and CSU employees to save toward retirement by investing pre-tax contributions in tax-deferred investments.
Can I have a 401k and 457 at the same time? ›
It's possible that you may have access to a 457(b) and a 401(k). The IRS says it's okay to contribute to both at the same time. Since retirement plans typically have contribution limits, contributing to a different plan can double your tax deferral.
What is the difference between a 401k and a 457 plan? ›
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
