Whether you’re just at the beginning of your career or have already set aside some of your income for safe keeping, it’s important to know how banking can help you manage your finances. Opening your own account lets you get access to several benefits that you’d definitely want to take advantage of. Here’s why:
Regularly putting a portion of your paycheck into a bank account not only helps create a sense of financial stability, but also keeps your earnings safe. Account holders from banks that are accredited by the PDIC can rest assured that their money is secure no matter what happens for up to P500,000 per depositor.
Putting your money in the bank allows you to grow your savings through annual interest. CIMB offers higher rates compared to other local banks at up to 4% per annum. That way, you know that you’re not just letting your funds remain stagnant, but continuously earning.
You don’t need to worry about emergencies like switching careers, house repairs, or hospital bills. Getting a savings account encourages you to keep pooling your income in one place to save you from crucial situations and covering the gaps to keep you out of debt.
Types of Deposit Accounts
Now that you know the benefits of having your own deposit account, it’s time for you to open one for yourself. However, choosing the best kind can be a bit confusing. Get to know the different types of deposit accounts and which one best suits your needs.
If you want to make sure that you have something for the rainy days, this is the best deposit account for you. Open a savings account to keep your money safe and growing through annual interest that vary depending on your chosen bank or financial goal. No need to worry about accessing your account as you can also withdraw funds whenever you need to.
Checking accounts usually require a minimum maintaining balance, but make it easier for you to deposit, withdraw, or perform transactions with large sums of money. You will be issued with a cheque book which allows you to move your savings around without withdrawing paper bills from your account, hence without the added risks.
Take advantage of higher interest rates by putting your savings in a time deposit account. This type of bank account lets your money grow faster than in other types of bank accounts, subject to a lock-in period for your funds
Overall, getting yourself a deposit account is the best decision for you and your family. Deposit accounts are designed not only to keep your savings safe but also let it grow. Secure yourself financially and build a better future for you and the ones you love.
Open an account with us at CIMB Bank for as fast as 10 minutes. No need to wait in line or even leave the house.