Sunday, July 10, 2011

My Metrobank Time Deposit

I live in Davao where life is laid back and the people are unconsumed by the fast pace as well as societal stresses, things that have already swallowed other metropolitan cities in the Philippines. I attribute my own nature to my upbringing in Davao City, and that's why I always go for things that won't worry me. When it comes to banking, I'm this way, too.

I'm not one of those fortunate ones that already have trust funds from their parents, or have some kind of "mana" (inheritance) from my grandparents. I grew up without a cent to my name and my family lived within our means. Now that I'm all grown up complete with a job that brings in stable income, I will now be able to work hard and build something for myself even if it's from scratch.

Last year, after several months of saving dutifully, I ended up with a small amount of  money in my meager savings account. It's not impressive, but I was very much proud of myself. While my money is growing, I thought to myself that I could open a savings account in Banco De Oro (BDO). I've gone through several lengths just to be able to raise the money and, most importantly, KEEP IT INTACT even after almost a year of saving up for it.

If you're like me who likes to keep things very safe, try to remember that it is still UNWISE to keep a high amount of money in a low-bearing savings account. I decided to try, for the first time, a Time Deposit account. I was gunning for Metrobank, but I feared that my money wouldn't be enough. But I learned happily that you can even open a Time Deposit with a minimal amount with a choice of holding period of 30, 60 or 90 days.

My Metrobank Certificate of Time Deposit

This is what the certificate looks like! It's really very business like... so there's basically nothing there except a couple of numbers and a bunch of signatures. I'm glad that my money, no matter how small it is, is gaining slowly and steadily.

The only problem that some people tell me is that the interest rate for the my Time Deposit is 1.5% but it only looks small because they're used to higher rates for their high deposits. In my case, this is the first time I've tried TD, so I'm just cautious. But for 90 days (holding period) I am quite satisfied with even getting only the interest rate set by Metrobank because I am currently set where I am, I just needed a deposit product to keep my money safe and at the same time earn a higher interest compared to my savings account which is only .4%!

The maturity is coming up and I'm scrambling for my next move! I wonder which bank I will turn to, or what high interest deposit scheme I will want to use it for. I've researched for a lot of options, but if anybody has knowledge which bank or financial institution they successfully invested their money in, I would be very glad to hear about it!

Thank you for reading.

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