Saving money can be fun and interesting, provided that you take part in some of the promotional specials offered by banks in Malaysia. For example, you can enjoy a fixed deposit deal where you earn a high rate of interest on a fixed deposit. Not only that, but banks make it inviting for you to open an account as you are also entered to win a contest too, which makes depositing your money simple to do.
Some Wealth-Building Deals
For instance, wealth deals are featured that permit an account holder to invest a minimum RM30,000 in a chosen investment product and enjoy a high rate of interest on a three-month fixed deposit. You can also sign up as a premier banking member and make three product purchases at a bank to enjoy, again, a high rate of interest for a three-month fixed deposit.
A premier save deal allows depositors to enjoy a nice return on their total balance in a savings account as long as they deposit a minimum of RM200,000. You can also invest a minimum of RM50,000 in certain investment products to enjoy as much as 7.00% p.a. on a fixed deposit covering three months.
So, if you have had trouble saving in the past, you need to review the bank account promotions in store for you. That way, you can make the most of the money that you earn and invest. Saving your money is important as you want to you money to work for you. You cannot make this happen if you do not develop a strong relationship with a local bank.
Therefore, make it a resolution to open up an account and begin saving your money or making money off the money that you have already earned. By taking this approach, you will be more cognisant of how you save and spend what you earn. By reviewing the various promotional deals, you can find just the right products and services that will direct you down a more lucrative path that will expand your financial horizons.
How Do You Want to Use Your Savings?
Before you choose a product, think about how you want to use your savings. Some people save money for their children’s education whilst others have different goals. So, review your savings options. How do you want to use the money that you spend? You may need more than one account to diversify your investments.
If you want to optimise what you earn, you need to speak to a banker about the choices. By reviewing the various promotions online and at your local bank, you can find just the right account to open and utilise. By making this type of commitment, you will realise your financial goals and reduce the stress that comes from spending more than what you make.
For instance, if you choose a specific three-month fixed rate deal, read the terms and conditions first. You need to review the promotion itself as well as the eligibility. Normally, promotions are limited to Malaysian residents. Customers should be in good standing with the bank. This means that a depositor should not have breached an agreement or had an account that was terminated or suspended. Read the minimum requirements for opening an account as well as the interest paid. Some products may be substituted at a bank’s discretion during a promotional period.