5 Advantages of Term Savings, Perfect For You Who Are Wasteful!

 

Term savings are a type of deposit offered by banks by implementing a tenor system. You will save every month with an auto- debit system from your account starting from multiples of one hundred thousand rupiah and you can only get the total savings when they are due. 

This system makes it very easy for those of you who are quite wasteful in spending money. You also only need to make arrangements at the beginning of the program and the autodebit every month will be carried out automatically by the bank. Later, at the end of the maturity date, you will usually receive the amount of money that is your savings target directly into your savings account. Term savings are perfect for anyone who wants to save money without being bothered and very practical.

Advantages of Using Term Savings

In addition to the conveniences above, term savings have also become a favorite choice for many people because they have many advantages. Anything?

1. Interest rates are quite high

Banks in Indonesia usually offer higher interest rates for term savings. Even time savings interest rates are higher than regular savings rates. Why is that? The bank will apply the highest interest rate for this type of term savings. So while diving to drink water, instead of saving with a certain target amount, the amount of your savings will be more because the higher the yield if added to that interest rate. 

If you have a savings target with a certain number and want to save practically, you can save in this term savings. The money you save will not be disturbed or taken before the maturity date of your savings target. With an interest rate of 4-5 percent annually, you will get higher returns the longer you save. 

2. Savings funds are safer

With the autodebit technology used by the bank system for term savings, you no longer need to transfer or deposit cash every month. You won't forget to save, because everything is done automatically. Even trusted banks in Indonesia have become participants of the Deposit Insurance Corporation so that your funds will be safe until the time when the savings can be withdrawn.

Even if something happens with money security problems or extreme changes such as liquidation, LPS will guarantee that your savings in the bank are safe under control. 

3. Start with a small nominal

You can start saving from just 100,000 rupiah. Term savings are carried out in accordance with your savings targets and your saving ability. Little by little it becomes a hill. That's about what you can get from saving term savings. 

4. There are insurance facilities

Term savings at a bank are accompanied by insurance facilities or services, ranging from life insurance, guarantee insurance for continuing deposits, and various other insurances according to the services at the bank you choose. You can use the insurance, you can also refuse to use it. Adjust to your needs and calculations!

5. Makes you more disciplined

This autodebit system allows the bank to have the ability to withdraw funds every month from your account. You will no longer experience forgetting to deposit money because it has been done automatically. You can make arrangements to do auto debit , for example one day after payday. Easy isn't it?

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