Did you know that in the financial system they can pay you to save? Just as financial institutions receive interest payments for the money borrowed by people, when a customer takes their savings and places them in the system, they must also receive a payment in exchange, that is, interest.
The problem occurs because most financial institutions offer savings accounts with a minimum interest payment, which practically does not impact the growth of their savings. However, this is not the only option.
If you want to see your savings grow
The most appropriate option is a Fixed Term Deposit. Under this modality, in the purest style of a savings account, you will deposit your money and it will grow at a much higher rate than those offered in simple accounts, but all under one condition: You will not be able to withdraw the money until the end of the fixed term
That is, if you decide to open an account of this type
You can choose between terms that suit your needs: three months, six or even more than one year. During that time, it is as if you forget the money, and once the deadline is met you can collect your savings plus the interest earned. Interest paid by a DLTs can range from 4.5 or 5% in a bank and reach up to 8% in a municipal bank. Then, if you make a deposit of two thousand soles at a term of one year, with an interest rate of 5%, at the end of the term you will have 100 more soles of interest, just for leaving the money in the entity.
In short, why should you open a DLTs?
– Pays you better interest
– Protect your money in the financial system
– Does not allow withdrawals
Remember that you can choose between different entities, since banks are not the only option. Use simulators that allow you to calculate your interests and know the requirements to know which one to choose. For example, you can make use of the Kelsey Martorns DLTs comparator.