Monday, November 14, 2016

Long Term Deposit Plans in Philippine Banks Insured by PDIC with Higher Interest Rates



Most people will agree that it is best to diversify when it comes to your investments and savings to minimize your risks and mazimize your returns.

Long Term Deposit Plans available in the Philippines is one of my favorite fixed income fund medium because it is readily available in local banks, it is flexible, it has variations and it can be insured by PDIC up to P500,000 of your investment.

What funds can you save in these Long Term Deposit Plans”
  1. Emergency Fund
  2. A portion of your Educational Fund for your Children for diversification purposes
  3. A portion of your Retirement Fund for diversification purposes.
  4. A portion of your Long Term Goals: Funds for Buying a House or any real estate property, funds for buying your car, funds for your international travels etc.


(These are just suggestions and you can adjust accordingly depending on your purpose, risk appetite and convenience.)

I created a list of available Long Term Time Deposit Plans available in Philippine Banks. All of these banks are insured by PDIC for our peace of mind. I trim down the list to:
-banks insured by PDIC only
-banks that offer interest rates of 3% and above
-banks with at least a branch within Metro Manila




Disclaimer: The terms and rates of deposits may vary depending on market conditions. It is best to call and confirm to the bank before making a visit to save on time and effort. The listed address and contact number is either the main branch of the bank or its branch within Metro Manila. (Updated November 2016)



Ama bank

Address/Contact Number: No. 311, Shaw Blvd., Brgy. Hagdang Bato Libis , City of Mandaluyong, Metro Manila, NCR (02) 533-4051

Product Description:A non-negotiable certificate of Time Deposit with a maximum term of 5 years. Exempt from withholding tax.
Minimum Amount of Deposit: 50,000

Term:5 years

Interest Rate: 3-4%




BPI Family Savings Bank


Address/Contact Number: BPI Family Savings Bank Center Paseo de Roxas corner Dela Rosa St. Makati City 1200 Philippines Tel (632) 8185541-48 Express Phone 89-100

Product Description/Product Name:

  • Plan Ahead Lump Sum- interest earnings are paid at the end of the 5-year term
  • Plan Ahead Monthly Income TD- earnings are paid monthly via deposits to an ATM account
Minimum Amount of Deposit: 100k

Interest Rate: 3.25%




China Savings Bank

Address/contact number: 6772 Ayala Ave, Legazpi Village, Makati, Metro Manila /(02) 988 9555

Product Description/Product Name: Easi-Earn High-Five account -shall stay with the bank f or 5 years and 1 day to enjoy the tax-free privilege.

Minimum placement: P50,000

Interest Rate: up to 3.500% p.a




Maybank

Address/Contact Number:Roxas Boulevard Corner P. Ocampo Street, Manila/(02) 523 7777

Product Description/Product Name: ADDvantage 5-Year Time Deposit- Guaranteed fixed rate.Available term is 5 years plus 1 day.Interest credited to a Maybank Savings Account monthly or can be withdrawn upon maturity.Waived documentary stamp tax (unless pre-terminated by client).Individual accounts are exempted from 20% withholding tax

Minimum Amount of Deposit: Php 50,000.00
Interest Rate: 3.75%




Metro South Cooperative Bank

Address/contact number:IDC Bldg., Kalayaan Ave. corner Zapote Street, Makati City /(+63 2) 897-9046local 202 ; 203

Product Description/Product Name: 5 years time deposit


Minimum placement: 50,000

Interest rate: 4%-4.75% (depends on amount of placement)




MVSM Bank (A Rural Bank since 1953), Inc

Address/ Contact number: 389, J.P. Rizal St., Brgy. Sto. Nino , City of Marikina, Metro Manila, NCR / Tel. Nos. 681-0075, 681-6984

Product Description/Product Name:

  1. Megasavings – High interest rate five year time deposit. Earn interest monthly
    Minimum Deposit Placement: 50,000
    Interest rate: 4% per annum
  2. Planigurado- Higher interest Rate. Can serve as a collateral for an emergency loan. Can be withdrawn anytime. Make a deposit on your account every month. On the due date of your plan, you will reveive the full amount of your deposit including the earned interest. You may close your Planigurado account but the interest will be equivalent to the interest of regular savings account. Easy to open You can choose from any of the four (4) Plans (P500/P1,000.00/P3,000/P5,000)
    Requirements: Any Valid ID, ID Picture

Minimum Deposit Amount: 500

Interest Rate: 6% p.a. compounded monthly




Optimum Bank- a Development Bank

Address/Contact Number: G/F Polar Center Building, EDSA cor. Cornell St., Brgy Wack- Wack, Mandaluyong City, Manila/+63 2 571-9131 Local 123, +63 2 571-9132, +63 2 584-1492, +63 2 584-1341. Email Address: customercare@optimumbank.com.ph

Product Description/Product Name:You Save Accounts- A 60 months Savings Deposit account that allow you to save for a minimum of P500.00 monthly and in multiples of P500.00thereafter. Your total contribution for 5 years (60 months) will have a corresponding future value computed on a compounded monthly interest rate of 5% net.


Minimum Amount:500/monthly
Interest Rate: 5% Net



PSBank

Address/Contact Number: 777 Paseo de Roxas Avenue corner Sedeño Street, Makati City, Philippines 1226/(632) 885-8208 / 944-1753 / 944-1772

Product Description/Product Name: PS Bank Prime Time Deposit - A five-year tax-free placement guaranteeing high yields which you can use to fund your various long-term need for cash while providing cash flow for you to enjoy its monthly earnings. Monthly crediting of interest rate to a specific checking account
Minimum Amount of Deposit: 50,000
Interest Rate: 3.25%


Quezon Capital Rural Bank

Address/Contact Number: #140 FilGarcia Kalayaan Ave. cor. Mayaman St., Diliman Q.C./ (02) 709-9580

Product Description/Product Name: College Savers Deposit-the Fund shall be established by the agreed regular monthly deposit for the stated period until the target fund is reached or accumulated.
Minimum Amount of Deposit: 500/month
Interest Rate– 1.25% rate of interest every quarter of the year based on average daily balance. (potentially 4% per annum).
Premium Interest Rate– Upon maturity, the Fund shall earn a one-time premium interest of up to 10% of the target amount based on the regularity of contributions and with no withdrawals before maturity



Smart Bank (Rural Bank)

Address/Phone Number: Inc. GF Westgate Tower, 1708 Madrigal Business Park, Investment Drive, Brgy. New Alabang Village , City of Muntinlupa, Metro Manila, NCR (02) 842-4074

Product Description/ Product Name:
1.)Regular Time Deposit (1 Year but less than 5 years)
Interest Rate: 3.5%-4%
Initial deposit: Php100,000.00
2.) 5-Year Time Deposit - Tax Free* -


Interest Rate: 4%-5%

Initial deposit- Php100,000.00
Posted by at No comments:
Labels: , ,

Wednesday, November 2, 2016

Tips and Tricks on Savings for your First Million

“I wanna be a billionaire so freakin' bad. Buy all of the things I never had,” sang Bruno Mars in his in famous song 'Billionaire'.

But come to think of it, who doesn't want to be rich? Most of us do. But most people doesn't know where to start either.

I compiled a list of tips and tricks that could help us grow our net worth and become multi millionaires soon. So have a good life and read on. :)

  1. Start early. The best time to start saving for your first million is now. The right moment to decide to be rich is now.
  2. Live below your means. Do not spend what you do not have yet. Wag maging sosyal now, pulubi later.
  3. Have multiple streams of income. The more the merrier. Be more productive and find ways on how you can increase your income flow.
  4. If you have a choice try to choose a profession which could give you the best financial potential, find a profession which you can excel so you could also increase your income. Enjoy what you do and the earnings will follow.
  5. Avoid loans with high interest. Such as 5/6, sangla ATM or credit card balances. Always aim to pay your credit cards in full each time.
  6. Aim higher. When you aim higher you tend to put more efforts. Mangangarap na nga lang tayo, taasan na natin. :) But let us make sure that our dreams are realistic and attainable to prevent discouragement in the future.
  7. Invest time and money to your fianancial education. Enhance your skills and this could help you fuel your way up nearer your goals. There are different venues and means to do this. Read financial books, attend financial literacy seminars. No one is to knowlegeable to know everything. We are forever students in this so called rat race.
  8. Try to save as much as you could. Set aside your savings first before spending. Always remember the golden rule of paying yourself first. Earnings-Savings= Expenses is the right way to go not the other way around.
  9. Be disciplined. If you have not started saving yet and are still paying your house mortgage or your car use the discipline that you will develop from monthly setting aside an amount to saving for your future.
  10. Maximize contribution. SSS premium or GSIS premium or even you company retirement plan.
  11. Try different medium of investment. Diversify. Another investment golden rule: Do not put all your eggs in one basket. There are different mediums on which you can invest your hard-earned money for your future: stocks, mutual funds, ETFs and bonds, long term savings plan, VUL's, real estate, collectibles and start-ups businesses. A diversified investment portfolio means that you can potentially take advantage of multiple sources of growth and protect yourself from financial ruin if one of your investments did not succeed in earning for you.  Just be careful not to concentrate your money too heavily in any one investment. Always remember that the key is to DIVERSIFY.
  1. When you diversify, study where you can put your investment that will give the highest returns. Ex. Long term deposit plans with the highest interest, mutual funds and stocks with the highest historical performance or track record etc.
  1. Stay focused and believe in yourself. Faith can move mountains. Hope and focus will help you reach your financial goals soon. You can be a millionaire, you can be rich. Believe and you will.
  2. Sipag at Tyaga. Not everything can be attained very quickly. There are very few ways on how you can be rich very quickly.
  3. Be healthy. Being a good steward of God's blessings is also applicable to being good to yourself and giving your health a priority. Health is wealth and that's very true.
  4. Don't forget your priorities. Don't sell your soul just to get rich. Learn to achieve your dreams not at the expense of others. In short WAG KANG MANLOKO.
  5. Don't be afraid to make mistakes but, make sure that you learn from them. Do not be afraid in taking risks for most of the things that matter does take some form of risk
  6. Don't forget luck. Be open to opportunities.
  7. Pray and always be thankful to the Lord.




Gather enough money streams so that when the time is ripe, they could run on their own and provide passive income. My personal goal is not really to be rich but to have the freedom that money can buy so I could focus more on what I love doing without any financial anxieties.

Have a good life everyone.


#YOLO
https://www.facebook.com/pinoywifewealthstewards/
Posted by at No comments:
Subscribe to: Posts (Atom)