I opened multiple bank accounts.
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.
6 people like this
Maybe it's just same everywhere
@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.
@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.
How many squar4e meter or hectare is farm lot you sold?
Not really a hectare Just a bit more than a thousand square meters
@solidcodes not really big. Just like $60k.
• Daytona Beach, Florida
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.
Yes 5 years is just too long considering I'm not young anymore.
• Wheat Ridge, Colorado
It seems you did the right thing.