A time deposit account may be more beneficial for you than any other type of bank account. Yes, various accounts have their own features, each with of their underlying pros and cons as well. However, if it’s your intention to save money, then this one may be your best option. Why would I even apply for one, you may ask? We have enumerated a few important factors that may describe why a time deposit account is beneficial for you:
It provides you with a higher interest rate.
Unlike a savings account, a time deposit gives you a better value for your money when it comes to interest rates. While you are patiently waiting to withdraw your money at a certain period of time, the accumulated interest will be higher than the average, thus adding more to the cash amount. It is not to say that it’ll give off a large sum by the time that you withdraw; rather it would at least provide you with a little extra, beneficial for those days that you will require more for an allotted budget or expense, much like an emergency fund.
You get to choose how long you want to invest your money.
A time deposit account also enables you to customize your investment, providing you with options ranging from 30 days to ten years. When you really want to put aside cash without the fear of impulsive shopping, thus, forcing you to withdraw anytime, then this type of account will help you value your savings more. If you opt to go for a whole month without touching any of your hard-earned cash, then at least a time deposit would help you accomplish that. Take note that emergency funds may not be suitable for this type of account, as you may need to withdraw for those immediately while this one restricts you from doing so.
You can choose to have more than one fixed deposit account.
Yes, it will enable you to save, but how does it stack up for emergency purposes. No need to worry, as you may opt to have more than one time deposit account. To accomplish saving a huge amount, you may choose to avail an account with a longer investment period, while on the other hand, a shorter investment period would enable you to withdraw, perhaps just in the nick of time when an emergency arises. Manage your money properly and strategize with your accounts.
Be a master of your savings and hard-earned money with a trusted name that offers only the best service possible. If you’re a resident of Bacoor, Cavite, Calatagan, Batangas then the Cebuana Lhuillier Rural Bank is your one-stop spot for opening your own savings account.