The Eastern Caribbean Central Bank (ECCB), working with the ECCU Bankers’ Association and the ECCU Ease of Account Opening Working Group, announced the launch of the ECCU First Step Savings Account to make it easier for citizens and residents of the Eastern Caribbean Currency Union (ECCU) to enter the formal banking system. Licensed Financial Institutions operating under the Banking Act will offer the account to underserved and unbanked individuals aged 18 and over, as well as small business owners, using a simplified due diligence process. Account opening requires only one form of valid photo identification. The product pays 2.0% interest per annum, is free to open, carries no maintenance fees, and has no minimum balance requirement. Customers can deposit up to EC$36,000 annually and access a debit card and online services, but the account does not include overdraft or chequebook facilities. The ECCB and industry partners also held a public town hall on 8 July in Saint Christopher (St Kitts) and Nevis to explain the account’s features. The Working Group’s longer-term roadmap includes progressing toward a uniform approach to simplified due diligence across the Currency Union based on comprehensive risk assessments.
Eastern Caribbean Central Bank 2025-07-11
Eastern Caribbean Central Bank and ECCU Bankers’ Association roll out ECCU First Step Savings Account with simplified due diligence
The Eastern Caribbean Central Bank, ECCU Bankers’ Association, and ECCU Ease of Account Opening Working Group launched the ECCU First Step Savings Account to aid underserved individuals and small businesses. Offered by Licensed Financial Institutions, it features simplified due diligence, 2.0% annual interest, no fees, no minimum balance, and a deposit cap of EC$36,000 annually. A public town hall discussed the account, with future plans for a uniform simplified due diligence approach across the Currency Union.