Are you a first-time saver? Or are you looking for ways to grow your savings with minimal risk? There’s no need to worry because Time Deposit might be the perfect financial solution for you. Here’s a beginner’s guide on how to maximize your savings with Time Deposit.
What are Time Deposits?
Time Deposit, also known as a Fixed Deposit or Term Deposit, is a savings account locked in a fixed period. When you open a time deposit account, you need to agree to deposit a sum of money for 3 months, 6 months, 1 year, or 2 years — depending on your preferred length of time and bank’s terms and conditions. In return, the bank will give you a higher interest rate than a regular savings account.
Why is Time Deposit the ideal option for beginners?
Time Deposit offers have a lot of better benefits for people who are looking to grow their savings:
- Higher Interest Rates: The longer you keep your money in a Time Deposit account, the higher interest rate you will earn compared to traditional savings accounts.
- Predictable Return of Investment: You can accurately predict your returns and plan for your future goals because the interest is fixed on your account.
- Better Financial Discipline: Committing to a time deposit will encourage you to save more for your life goals.
If you’re planning for your next BIG life goals, CIMB MaxSave Time Deposit would be the perfect product for you. You can enjoy a higher interest rate of up to 6.5% p.a interest with flexible terms ranging from 3 months to 24 months (about 2 years). You can also choose your preferred interest payout option depending on your financial needs (either monthly or at maturity).
What’s also great about CIMB MaxSave is you can easily open a Time Deposit account with just P5,000 minimum balance and manage your savings in just one app – making it more accessible and convenient for you.
Here’s How to Open a CIMB MaxSave Time Deposit
