Opening a savings account is an inevitable part of one’s financial journey. Whether you’re a fresh grad starting out on your career or a business owner starting a family, keeping your money in a savings account has many advantages. If you still need convincing, here are the top 4 reasons to open a savings account.
While you can never know for sure what the future holds, it is important to be prepared for anything that can happen, especially emergencies. Having a savings account to set aside money for hospital funds, medicine, or any unexpected medical procedures will be a big relief. With a savings account, you will be able to be more consistent in setting aside a portion of your earnings for those rainy days and emergencies.
2. Separate your payroll from your savings
When you’re employed, you will most likely have a payroll account, but it is also a good practice to have a separate account for your savings. As they say, don’t put all your eggs in one basket. There’s a higher chance that it would be harder to stick to your budget if both your money to save and money to spend are all in one place. When you open a savings account meant for depositing your money instead of withdrawing, the more likely you’ll be on track towards your financial goals.
3. Build good financial habits
One way to build good financial habits is by having a designated place to put your money where you can keep track of it, such as a savings account. To help you be more responsible when it comes to handling your money, you can automate your financial transactions through your savings account if it permits you to do so. This way, you can schedule depositing your savings to your account, pay bills on time, transfer to different accounts, and more.
4. Keep your hard-earned money safe and secure
Keeping all your money in one place is not ideal, especially if it's in your house or office. This is why many people open up savings accounts— to keep their hard-earned savings safe and secure. At the same time, opening a bank account can mean making your money work for you through an interest rate. Imagine, your savings are safe and growing all at the same time when you keep it in a savings account.
With CIMB Bank, your savings can grow with the yearly base interest rate of 2.5% p.a. for UpSave accounts and 2.6% p.a. for GSave accounts. You may open an account right on your mobile phone in as fast as 10 minutes with fewer fees. Plus, you have three ways to enjoy a higher interest of 4% p.a. on your savings. First, is to maintain minimum balance of PHP 100,000 in your UpSave and/or GSave account. Your second option is to grow your Average Daily Balance (ADB) by PHP 1,000 each month in your UpSave and/or GSave account to enjoy a higher rate on your savings.
If you’re a student or a fresh grad aged 18-25 years old as of May 1, 2022, the CIMB Savings Starter Pack lets you enjoy a higher interest in your UpSave and/or fully verified GSave account. You only need to deposit at least PHP 500 each month and you can even get a Personal Accident Insurance coverage worth PHP 50,000 for FREE
Find out how to get 4% p.a. interest when you maintain PHP 100,000 in your savings account with CIMB Bank here:
Deposits are insured by PDIC up to P500,000 per depositor.
CIMB Bank Philippines, Inc. is regulated by the Bangko Sentral ng Pilipinas as a Commercial Bank. You may contact the BSP Financial Consumer Protection Department at (+632)8708-7087 or firstname.lastname@example.org.