Within the realm of finance in the world of financial products, the Fixed Deposit Account is the oddest cousin, which everyone is prone to forgetting about during reunions. There are many misconceptions on the internet about what a fixed deposit account is.
Some view this as being a type of savings account that cannot be used to withdraw funds, while some think it is a bad investment. Here is some basic information to assist you in understanding hong leong finance fixed deposit promotion and the working of fixed deposit accounts. The guide would also help you understand if the available fixed deposit options are right for you.
What Is A Fixed Deposit Account?
A fixed deposit (also called a “time deposit) account can be described as a form of bank account which pays account holders a set amount of interest for depositing a specific amount of money over a specific duration.
However, is it not how the bank accounts operate? Here is how the fixed deposits differ from an ordinary bank account –
- You would be locking your money for a set period. The shortest amount of time can be as little as one month. However, you will need to hold your funds on the balance for a longer period to be worth the effort.
- The longer you hold your funds within the bank account, the greater the interest you earn. Typically, banks will pay higher amounts of interest when you have committed your funds into the deposit fixed, up to a maximum of the tenor.
- You have to agree in advance on the amount you will deposit. In contrast to a savings account in which you can put any amount whenever you wish but with a fixed deposit you sign a contract with the bank before the time you make a specific amount.
- You can take your money out Many people believe their funds are hidden in an account with a fixed rate until the account is mature, but it is not the case. It is usually possible to withdraw your money whenever you want but this may result in little or no interest.
Where To Get Money To Clear Your Debt?
Do you often wonder how can I get money to clear my debt, immediately? Some of the possibilities for the best way to pay the debt off fast are listed below. Take an interest in it.
Seven Best Ways To Clear Off Debts Quickly
- Regular Monthly Payments
- Write down your earnings and debts
- Lower Interest Rates
- Build an Emergency Fund
- List All Bills
- Prepare a Monthly Budget to Plan Expenses
- Make more money
The Best Savings Accounts At Your Behest
The best savings accounts in Singapore would cater to you with a great opportunity for you can earn interest from your money without the need to take a huge risk (as when investing) or give up access to your funds for a long time (as when you deposit fixed funds). Certain accounts let customers earn as high as 3.50 percent plus p.a. in their money, which makes it simple to earn interest with little effort.
There are a variety of savings accounts available in Singapore but each one is specific to a particular kind of customer. Despite the accounts that offer the highest rate of interest tend to be more complex, plenty of choices have been made available with fewer requirements and lower risk. You should carefully analyse each of Singapore’s top savings accounts and gather details. Consider making a comparable review so that you can determine the one that best meets your requirements.