There is no denying that saving money is a hot topic and never out of date. With banks, deposits from businesses and residents are the main source of income for their profit-making businesses, which is also a key determinant of the survival of banks.

According to statistics, total deposits into the system and finance companies are more than VND7 trillion, of which deposits account for more than 60% of the total, equivalent to VND 4.2 trillion - a giant number. And with more than 30 joint stock commercial banks, nearly ten banks with 100% foreign capital, a few dozen foreign bank branches, then cooperative banks ... total network to tens of thousands of points and e-banking, which helps people access financial services in general and send money in a more convenient way than ever before.

But choosing the bank for investment property and storage still makes many people headache. According to experts in the industry, popular people still prefer banking brands, interest rates and locations (close to where they work or live) when deciding where to send money. In addition, choosing the most favorable term is also very important but many depositors seem not to bother about this. According to experts, choosing the right term, in many cases will be much better than the high interest rates.

How to choose terms appropriately ?

First of all, the choice of term is based on the need to use the amount of deposited money. . For example, in the next 5 months, if there is a need to use the money, we should choose a one month period to send. Why 1 month but not 3 months? As banks are applying interest rates of 1 month to 5 months at the same level, commonly from 4.8 to 5.5% per year, especially some banks such as Vietcombank, BIDV, VietinBank, Agribank ,interest rate is lower with only 4.1% - 4.3% per annum. When depositing money for one month, withdrawal time as well as changing the deposit amount can be flexible if necessary without affecting the interest. Some banks such as VIB, Sacombank, HDBank, SHB, Maritime Bank ... have attractive short term interest, a wide transaction network.

But if it can be certain that in the next 6-7 months there is no use for money, you should choose the term of 6 months, because the interest rate term is much higher than the shorter terms. The interest rate of many banks is popular over 6%, in some places up to 6.5 - 6.7% / year, even more than 7%. And from the 6 month forward, many banks also have policies to add interest to encourage depositors.

If there is no plan in the next year, the one-year term deposit is the best since the most attractive term interest rate is 6.8 - 7.4% per annum, there are even small banks with interest rates of more than 8% per year.

In addition, many banks have online deposit services with electronic banking services are very easy to use, some banks have their own application allows online savings on mobile phones have interest rates over 0.1% compared with counter deposits is also a way for depositors to refer to higher interest rates, after selecting the appropriate maturity, such as VIB's MyVIB, F@stmobile's. Techcombank ...

And another important thing is that after choosing a bank, term and deposit, the sender remember to use services such as alarm messages balance change or create a habit of occasionally on the website of the bank to check the status of the savings book to avoid worrying about deposits after unexpected incidents like happened in a few banks recently.

Ngoc Toan