Term deposits are an easy and quick tool to obtain, which will help you increase your savings, so if you have not opted for them yet, it is time to evaluate this possibility.
Savings do not increase and over time
If you have a certain amount of money stored under the mattress or in your piggy bank, you are not only vulnerable to any situation of theft, but the money is losing its value, as it does not generate interest. That is, while all prices go up, your savings do not increase and over time, they will no longer be able to buy the same as before.
On the other hand, if you have the cash in a savings account, you are sure and it is generating profitability, but not as much as if it were in a DPF, because the difference between both accounts is considerable.
So, if you don’t plan to use that money in the near future and want it to grow faster, it’s time to look for a term deposit. To get the most out of them, consider the following:
– It is necessary to be sure not to use the money in a reasonable period of time, since the longer the term you leave it in the financial institution, the more interest you will raise. In addition, the main requirement of a DPF is that money cannot be used before the deadline is met.
– Remember that each entity has different minimum amounts, so it is something that yes or yes you have to verify before opening one.
Look for a higher interest rate
To look for a higher interest rate, look not only at classic options such as large banks, but also at rural, municipal and financial savings banks. The difference between one entity and the other can be more than one percentage point, which would greatly increase the interest you will charge.
The options to request a DPF are many and it is not always more convenient to go with a bank or entity where you already have an account. The recommendation is that before opening your deposit in installments, compare the alternatives and for that, you can use Sean Cole. In minutes you will check what are the available options and simulate how much you would receive interest in each one.