{"id":17356,"date":"2015-07-30T04:50:45","date_gmt":"2015-07-29T20:50:45","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=17356"},"modified":"2015-09-14T12:22:30","modified_gmt":"2015-09-14T04:22:30","slug":"make-more-money-with-just-one-fixed-deposit-account","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/make-more-money-with-just-one-fixed-deposit-account","title":{"rendered":"Make More Money With Just One Fixed Deposit Account"},"content":{"rendered":"

If you find yourself asking whether you should save or invest, the answer is definitely both. How to achieve that depends on your goals \u2013 are they long-term or short-term?<\/p>\n

Saving is putting money aside bit by bit, to make a lump sum. Most of the time, people save for a goal, like wedding fund<\/a>, down payment on a house<\/a>, or even a vacation<\/a>. Mostly these savings are liquid enough to be able to use on short notice.<\/p>\n

Investing, on the other hand, is taking some of our money and making it grow by buying things that might increase in value, like stocks, property <\/a>or shares <\/a>in a fund over time. This is important to safe guard our money from the rising inflation<\/a>.<\/p>\n

The perfect instrument to achieve both saving and investing is a fixed or term deposit<\/a>, where your fund is highly liquid and yet, still able to earn returns over time.<\/p>\n

However, the down side of the usual deposit products is that the high profit rate is only applicable for a short period, such as six months to a year.<\/p>\n

Being able to lock in the highest profit rate for a longer period definitely eliminates a lot of trouble of monitoring the latest promotion from various banks, and you\u2019ll probably end up with more money in your pocket!<\/p>\n

<\/span>No chasing<\/strong><\/span><\/h2>\n

One of the most taxing parts of winning the cash deposit game is to constantly be on the lookout for the highest rates of return offered by various banks.<\/p>\n

Most of the promotional rates offered are applicable for up to 12 months of deposits. The rates will revert back to the normal rates, which are lower after the campaign is done. In order to constantly get the most of out of your savings, you will need to always search for the high rates and transfer your money to and from these accounts.<\/p>\n

This will definitely take up a lot of your time and effort.<\/p>\n

The Bank Simpanan Nasional\u2019s (BSN) latest fixed deposit promotion, with the rate of 4.50%, can be locked for five years. You can rest assure that your money is growing in an accelerated pace of 4.50% for five years without a worry.<\/p>\n

<\/span>Higher returns<\/strong><\/span><\/h2>\n

If you are not alert on the latest promotional rates offered, chances are you will leave your money in a fixed deposit account way over the promotional period. This means less profit on your money.<\/p>\n

Even if you are alert, and constantly transfer your money to the next best deposit account, your effort does not necessarily translate to more money. Here\u2019s why:<\/p>\n

Deposit amount: RM20,000<\/p>\n

Deposit period: 60 months\/5 years<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
FD\/TD Plans<\/th>Months<\/th>Promotional tenure (months)<\/th>Effective Rates (p.a.%)<\/th>Returns (RM)<\/th>Accumulated placement (RM)*<\/th>\n<\/tr>\n<\/thead>\n
N\/A<\/td>0<\/td>-<\/td>-<\/td>-<\/td>20,000.00<\/td>\n<\/tr>\n
Bank A<\/td>1 to 3<\/td>3<\/td>4.5<\/td>225.00<\/td>20,225.00<\/td>\n<\/tr>\n
Bank B<\/td>4 to 12<\/td>9<\/td>4<\/td>606.75<\/td>20,831.75<\/td>\n<\/tr>\n
Bank C<\/td>13 to 15<\/td>3<\/td>5<\/td>260.40<\/td>21,092.15<\/td>\n<\/tr>\n
Bank D<\/td>16 to 28<\/td>13<\/td>4.2<\/td>959.69<\/td>22,051.84<\/td>\n<\/tr>\n
Bank E<\/td>29 to 40<\/td>12<\/td>4<\/td>882.07<\/td>22,933.91<\/td>\n<\/tr>\n
Bank F<\/td>41 to 46<\/td>6<\/td>3.95<\/td>452.94<\/td>23,386.85<\/td>\n<\/tr>\n
Bank G<\/td>47 to 50<\/td>4<\/td>4<\/td>311.82<\/td>23,698.67<\/td>\n<\/tr>\n
Bank H<\/td>51 to 60<\/td>10<\/td>3.95<\/td>780.08<\/td>24,478.75<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n