Choose the appropriate term
Customers can choose a short or short deposit term depending on their future capital needs. Normally, long-term savings will have higher interest rates than short-term savings. If you have a lot of idle money and don’t need to use it for a long time, bank savings with a term of 6 – 12 months is the best choice.
Because, compared to terms of 1 month or 3 months, savings deposits with terms of 6 – 12 months have higher interest rates and there is not much difference in interest rates compared to terms of 18 or 24 months. Furthermore, the capital turnover time is not too long, enough for the savings to bring optimal profits to you.
However, when withdrawing money before maturity, the deposit will be charged interest at low interest rates or even no interest. Therefore, if you do not have a lot of idle money and do not know when you will need it unexpectedly, short-term savings is a more suitable option.
Deposit savings online to receive higher interest rates
Currently, many banks apply interest rates for online savings from 0.1 – 0.4%/year higher than for over-the-counter savings.
With online savings, customers can completely make deposits on the bank’s Mobile Banking without having to go to a transaction branch.
Split your savings
When saving money in a bank, you should apply the method of dividing your eggs into multiple baskets. Instead of putting all your money into one savings account, divide your money into multiple savings books and deposit them in many different banks to prevent risks.
For example, with 400 million VND, divide it into 2 savings books. In particular, one book is a long-term deposit, one is a short-term deposit book so that when needed, you can withdraw at any time without affecting the interest rate of the remaining book.
Bang Lang (summary)