How to deposit savings in the bank to maximize profits?

Saving has long been a popular choice for many people thanks to its safety, stability and ability to generate passive income. Although the profit is not as high as stocks or gold, this form is still suitable for those who prioritize sustainability and low risk. However, to maximize the profit of a deposit, even a small amount, the depositor needs to grasp some important principles.

*People need to choose and consider carefully before depositing savings at any bank. Illustrative photo*

First of all, choosing a reputable bank is always a key factor. State-owned commercial banks or large joint-stock commercial banks often have competitive interest rate policies, transparent transactions and high security systems. Depositing money in a credit institution with a solid foundation helps customers feel secure about the safety of their savings as well as the stability of interest rates throughout the term.

The term of the savings deposit is also a factor that directly affects the profitability. Banks often design many terms from one week, one month, to six months or several years, suitable for the needs of each customer group. Long-term interest rates are often higher than short-term interest rates, but depositors need to consider their financial capacity and spending plans. If you cannot ensure a stable cash flow, you should choose a short term to avoid the risk of having to close early, which will significantly reduce the interest rate.

Many experts recommend that depositors should divide their money into several books instead of putting all of it in one book. This method not only helps them be more proactive when they need to withdraw part of their money, but also reduces the risk when the bank has technical problems. Some people also choose to deposit at many different banks to take advantage of good interest rates and optimize incentives.

In addition, the time of saving also affects the profitability. For those with fixed income, taking a portion of money as soon as they receive their salary to save helps ensure discipline and maintain a long-term savings plan. This is the "pay yourself first" method, highly appreciated by many financial experts.

Paying attention to the maturity date is also something that cannot be ignored. Withdrawing money before maturity will only make the depositor enjoy the non-term interest rate, much lower than the initial interest rate. Therefore, it is necessary to monitor the maturity date to make a decision to re-deposit or withdraw money according to plan.

One of the popular trends today is online savings. This form allows customers to open and manage savings books right on the banking application, without having to go to the counter but still ensuring safety. Many banks also apply online interest rates 1-2% higher/year than direct deposits, helping to optimize profits for users with small capital.

Although saving is not the most profitable investment channel, if you know how to choose the right bank, term and deposit method, customers can completely optimize their money, even when starting from small amounts.

Source: https://congthuong.vn/gui-tiet-kiem-ngan-hang-the-nao-de-sinh-loi-toi-da-433820.html