We heard for a while that a new bank got approval from Government but we weren’t sure who the new player was in the market. Excitement grew in the public as many were already dissatisfied with the service they were experiencing with their current banking provider.
It’s not hard to find complaints… just listen to Down to Brass Tacks or browse in the comment section of a social media post.
The whispers became a reality when it was announced that Sagicor Bank was joining the list of authorized dealers in Barbados. They opened their headquarters in September 2022 and officially launched on March 9, 2023.
Oh, how they created a buzz leading up to their launch with social media posts, vibrant colours, and reminders of the banking pain points currently being experienced. We were encouraged to refer others to their app. The first digital bank in Barbados came out swinging.
We have the ability to open an account in mere minutes and you are given up to 30 days to fund your account before it is deactivated. They have a product offering for everyone, from the youth to the senior citizen. What made me happy was the interest rate being offered on the savings accounts. Other banks offer on average 0.05% annually, but Sagicor Bank is offering you 1% on the minimum quarterly balance.
With high inflation and cost of living, it is welcome news to have another bank in the market who have taken into consideration the long length of time it takes to open an account, the long lines you encounter just to conduct a transaction, and the ease of getting a loan facility.
Everything is done digitally.
I signed up yesterday and got approval the same day. But I cannot say it was all smooth sailing. When you sign up, you need to have proof of address which can be a statement or utility bill that is 3 months or less, a photo ID (passport, driver’s license, or Barbados Id), and a smile. Yes, you get to take one of your many selfies for this onboarding process.
I must admit that if you make an error going through each stage, the app will place you at the beginning of the process as it doesn’t put you back to your last action. Moreover, given that it’s a fairly new app, there are some areas in the app that are not quite functional as yet. I had to play around a bit to really grasp some things.
However, if you are like me that gets a new mobile and places the instructions to the side, and just wing it, this process felt like that. The great news is, their support team is very efficient so if you have any questions, you can send a quick email.
The Sagicor Bank app can be downloaded on App Store and Google Play. To sign up today, click on this link.
The Bottom Line
Before you proceed to close all of your accounts, take a moment and check out the fee schedule for their products and compare them to what you are currently getting. There may be room for negotiation as your current bank would not want to lose you as a customer.
Also, the app still has some kinks to work out so do not fire your bankers before things run smoothly. I know you are excited but also exercise self-control and patience during this process.
If you have signed up already, let me know what your experience was like below.