Where Will My Christmas Monies Go?
Christmas is near. I can smell extra bucks – 13th month pay! Bonuses! I decided to park extra money to a place that earns interests. I promised my hubby, JM, that we will buy something that we both wanted for so long. An electronic gadget and a new lens for our Nikon SLR. Therefore, I need to make sure that fifty percent of what we will get will be put to someplace that is earning.
Last month, I have been reading in forum about where to park extra money, I read about this Rural Bank near our place, Marikina Valley San Mateo Bank. This bank was once named Marikina Valley Rural Bank. Bank of San Mateo and Marikina Valley merged in order to improve stability. The said banks are tested by time and the company is well-established. Still, a due diligence must be exerted before doing any investment. Upon checking their website, the bank rate for time deposit is:
Minimum of PHP 50,000 – 5 years
8% per annum
Tax Free
Earn Interest Monthly
I have opened a savings account for my LA at BDO, Junior Savers Club. Next year, I plan to transfer the funds to another bank that offers high interest rate. Keeping money and earning 1% to 2.5% per annum less tax of 20% is too small but no risk at all. But, I now also learned that in order to build more passive income, one must know how and where to invest. I still have to research about different banks’ offers. But, right now, I will visit MVSM Bank first.
Hello, thanks for visiting my blog. By the way, there are a lot of options for investments that would make your money work for you. I suggest you to take a look at mutual funds and unit investment trust funds. You can read more about these topics in my blog. :)
ReplyDeleteThank you Sir Tyrone. I am a PMT member and found your site so informative and helpful of people who wanted to reach financial independence
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