What is bank savings?
Bank savings is an investment form. Whereby, customers deposit an amount of money into the bank with the purpose of saving for a certain period. At the end of that time, the sender will receive an interest amount plus the principal amount.
Illustrative image
Should you deposit bank savings with 50 million?
When having 50 million dong, many people wonder whether to deposit bank savings or not. To have an accurate answer, customers need to understand the advantages of the form of bank savings.
Profit earning savings
When depositing money into the bank, the sender has a regular interest rate, the deposit interest rate will depend on each bank.
For example, with Techcombank, the interest rate for a 1-month deposit is 3.6% / year. If depositing 50 million, customers will earn 150,000 VND / month. If depositing for a 12-month term, the interest rate is 5.3% / year, then customers will earn 220,833 VND / month.
Limiting risks
Not only profitable, bank savings also have a high level of safety for financial transactions. Compared to other forms of cash investments such as buying gold, stocks, foreign currencies… bank savings are more stable, with very rare occurrences of bad situations.
Stable, transparent
Bank savings are also stable and transparent. The savings are validated by the bank, with evidence in the form of a savings passbook. Therefore, the sender can control their money anytime, anywhere and can withdraw it whenever they want.
So if you have 50 million dong and don’t need to use it yet, customers can consider depositing bank savings. If you keep the money at home, customers will not earn any interest, besides there are many unexpected risks.
