• Digital Banking
  • Our App
  • Promotions
  • Our DNA
  • Financial Literacy Articles
  • Help & Support
Digital Banking
Our App
Promotions
Our DNA
Financial Literacy Articles
Help & Support
Our Products
Our Partners
Latest Promotions
Careers Page
Newsroom
Financial Essentials
Security Tips

Why Keep Your Money in A Bank?

Whether you’re just at the beginning of your career or have already set aside some of your income for safe keeping, it’s important to know how banking can help you manage your finances. Opening your own account lets you get access to several benefits that you’d definitely want to take advantage of. Here’s why:

Security

Regularly putting a portion of your paycheck into a bank account not only helps create a sense of financial stability, but also keeps your earnings safe. Account holders from banks that are accredited by the PDIC can rest assured that their money is secure no matter what happens for up to P500,000 per depositor.

Earning interest

Putting your money in the bank allows you to grow your savings through annual interest. CIMB offers higher rates compared to other local banks at up to 4% per annum. That way, you know that you’re not just letting your funds remain stagnant, but continuously earning.

Financial protection

You don’t need to worry about emergencies like switching careers, house repairs, or hospital bills. Getting a savings account encourages you to keep pooling your income in one place to save you from crucial situations and covering the gaps to keep you out of debt.

Types of Deposit Accounts

Now that you know the benefits of having your own deposit account, it’s time for you to open one for yourself. However, choosing the best kind can be a bit confusing. Get to know the different types of deposit accounts and which one best suits your needs.

Savings Account

If you want to make sure that you have something for the rainy days, this is the best deposit account for you. Open a savings account to keep your money safe and growing through annual interest that vary depending on your chosen bank or financial goal. No need to worry about accessing your account as you can also withdraw funds whenever you need to.

Checking

Checking accounts usually require a minimum maintaining balance, but make it easier for you to deposit, withdraw, or perform transactions with large sums of money. You will be issued with a cheque book which allows you to move your savings around without withdrawing paper bills from your account, hence without the added risks.

Time Deposit

Take advantage of higher interest rates by putting your savings in a time deposit account. This type of bank account lets your money grow faster than in other types of bank accounts, subject to a lock-in period for your funds

Overall, getting yourself a deposit account is the best decision for you and your family. Deposit accounts are designed not only to keep your savings safe but also let it grow. Secure yourself financially and build a better future for you and the ones you love.

Open an account with us at CIMB Bank for as fast as 10 minutes. No need to wait in line or even leave the house.

 

Are you ready to Change the Way you bank?

Download the CIMB Bank PH App
#CIMB #Bank #Finance #Deposit #Interest #Savings #SavingsAccount

You may also like

Related products for you

You are about to enter a third party website & CIMB Group's Privacy Policy will cease to apply.

This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Group.

 

CIMB Group makes no warranties as to the status of this link or information contained in the website you are about to access.

 

Do you wish to proceed?

Yes, please proceed