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This paper empirically examines the determinants of commercial bank deposits in Saint Lucia using data over the period 1995-2018 to identify the factors which have been contributing to Saint Lucia’s constant deposit growth. Using the ARDL bounds test approach to assess cointegration, results indicate that in the short-run, GDP and inflation rates are cointegrated with deposits rates while in the long-run no cointegration exists between the independent variables and deposits. Employing the Toda-Yamamoto test to assess causality among deposits and the other variables, results indicate that in the long-run, corporate income tax, GDP, inflation, remittances and interest rates all positively and significantly influence deposit rates in Saint Lucia. These findings suggest that in the short-run, Saint Lucian policy makers can influence deposit rates through growth enhancing policies. However, in the long-run policies aimed at attracting remittances as a special interest rate on bank deposits for persons who live abroad or policies aimed at encouraging investments with remitted funds may be particularly important for the Saint Lucian economy. This study has implications for development and formulation of monetary policy for Saint Lucia and similar small open economies.