MONEY BEGETS MONEY – 3 Best Ways Fixed Deposit Accounts Could Save Your Financial Future

fixed-depositFor decades now, Fixed Deposit (FD) continues to be the bank product of choice by depositors in the banking sector. Usually referred to as a time deposit, this monetary instrument will work for you in so many ways. When you place your money in the bank for a fixed period of 30, 60, 90 days or more, it will earn higher interest on maturity date as compared to the regular savings account. Clients are generally attracted to the bank with the best FD in Malaysia.

But is FD still worth it in a changing investment landscape? Other investment outlets like stocks, mutual funds, bonds and equity among others offer relatively higher rates. Seasoned investors, as well as the wealthier ones, have the flexibility to play in the financials market. Choosing from among small, medium and high-risk investments is of no consequence if you can maximize your returns and average out your losses.


However, if you are careful about your hard-earned money and do not have enough to spare, then the sophisticated financial papers are not for you. Wealth building for the ordinary investor begins with a small amount but with a long-term vision. That is why FD should be your top-of-mind. Let us check out the ways your FD account can be your vehicle to secure your financial future.


3 Best Ways Fixed Deposit Accounts Could Save Your Financial Future


  1. Longer Fixed Deposit Period

The typical short-term FD is usually 30 to 90 days. However, as you go with a tenor beyond 90 days, the higher interest rate you will enjoy. If you do not foresee any immediate use of the money, better decide on the longest term possible that you can keep it in the bank.


  1. Roll-Over of Principal + Interest

When the maturity date comes, and you still have no need for the money, you can place back the maturity value (original principal plus interest earned) in a new FD account. The maturity value of the previous account becomes the new principal amount in the new account. In a matter of time, you will see your money grow with the compounding effect of continuous roll-over.


  1. Choose Your Bank Wisely

Banks offer different FD rates depending on benchmark rates and source of funds. Rates are determined based on a strong customer deposit base or transfer pricing which is a mix of all funding sources. As a client, you can benefit from the pricing competition among banks.


Before deciding on opening the best FD in Malaysia, check if the bank is a member of PIDM. This agency ensures your deposit up to the extent RM250,000. How safe can your money get with an FD? Invest in FD because your future is here and now.

The Short and Simple Guide to Giving a 2nd Hand Car a New Lease of Life

Buying 2nd hand cars in Singapore can be a difficult task, but if you approach it with a clear focus and an open mind, the process might be easier than you ever thought.

Acquire a Second-Hand Car Guide

First, a second hand car price guide can help you figure out how much you should be paying for the car that you want. Knowing the approximate price of the make and model that you are looking for can save you hundreds or thousands of dollars. It can also help you keep a look out for cars that are priced well under the average price.

Get a Second Opinion

Getting a second opinion from a mechanic you trust can both prevent you from making any serious mistakes, and it can provide negotiating power with the seller. Some mechanics or organisations may charge you for the service, but it is well worth the leverage and confidence in a purchasing situation. You should get a second opinion whether you are purchasing a second-hand car from a private seller or a garage.

Take it for a Spin

You should never buy a second-hand car in Singapore without taking it for a test drive. Taking it for a test drive can bring out any mechanical issues that you can’t see, and it will also let you know how the car drives and handles. If you don’t have any experience with the make or model, this is a good opportunity to get familiar with the cars system. Then you can decide if there are any features that you just cannot live with or without.

Buying secondhand can be a rewarding experience as long as you are both open-minded and cautious in your purchase. Testing the car out, knowing its worth and taking it for a test drive can help you get the most for your money when buying 2nd hand cars in Singapore.

Next topic: Malaysian Successful Entreprenuer Datuk Vinod Sekhar, president of Petra Group and Green Rubber Global

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