If your planning to open a Time Deposit in any local bank account, its no longer appealing because the interest rate being offered is so low that the inflation rate will just eat the earned interest.
The average interest rate for a time deposit from a local bank account is 0.10% for at least 1 month and 2.34% for 7 years.
If your consider the inflation rate, your money in bank is just losing value over time instead of earning more or at least preserving your capital. Note that earned in interest is also subject to withholding tax.
Is there any reliable bank that can offer as much 6% interest rate for a time deposit for just a minimum of 6 months? Yes, there is. Tonik Bank is the first digital bank that can be access with your smartphone.
For a Php 100,000 time deposit, your money will earn as much as Php 2,795.34 before tax. Outpacing the inflation rate average of 4.4% and preserving your capital.
Tonik is registered in BSP and each deposit account is insured with Php 500,000 PDC. You can rest assured that your money is safe and protected.
You can start opening a Tonik account by downloading the app in iOS Store or GPlay Store. Once you have downloaded the app, just follow the registration process and in less than 5 mins, you can have your Tonik account activated and start converting your funds into a time deposit account.
You can use GCahs, Online Banking and BPI Mobile to transfer money to your Tonik account. Note that there is applicable fee per cash-in method.
It’s advisable that you plan ahead and the amount that you will be using for time deposit will not be used for at least 6 months.
I hope you find this blog post helpful. As always if you have any questions or feedback, just leave a comment down below.
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