I opened multiple bank accounts.
By hotsummer
@hotsummer (13835)
Philippines
September 2, 2022 1:47pm CST
I had already one savings. But after we sold a family vacant lot considered agricultural, we saved the money on banks. I opened another savings account and a checking account. And a time deposit for me.
Then my other siblings opened theirs too savings and time deposit also. Since we have to distribute the money in different banks.
I think the time deposit has low earnings, with 6% interest for 5 years maturity. I don't think it's big enough. But then it's the only thing we can think of on what to do with the money. I'm actually against on time deposit as the money are locked up that long, there's big penalty for withdrawing early. I hate penalty.
Do you think we made right or even best decision.
7 people like this
5 responses
@hotsummer (13835)
• Philippines
4 Sep 22
@LadyDuck there's no fees here as long as you don't go below minimum amount depending on each bank. Like 50$ minimum. And keep account active at least one transaction every 3 months or so.
1 person likes this
@LadyDuck (458233)
• Switzerland
4 Sep 22
@hotsummer I do not think so, here it is very different from Italy and it is different in France or Spain. More accounts mean more annual fees here and less money on the account lower interests.
1 person likes this
@hotsummer (13835)
• Philippines
2 Sep 22
Not really a hectare Just a bit more than a thousand square meters
1 person likes this
@hotsummer (13835)
• Philippines
3 Sep 22
@solidcodes not really big. Just like $60k.
1 person likes this
@kaylachan (57697)
• Daytona Beach, Florida
2 Sep 22
I prefer to use accounts where I can access my money whenever I want. It's my money it should never be locked up for any reason.
@hotsummer (13835)
• Philippines
2 Sep 22
Yes 5 years is just too long considering I'm not young anymore.
@hotsummer (13835)
• Philippines
2 Sep 22
Not necessarily advice i need i just want to know in your case what would you do with the money. Save or invest or spend.
