Dear readers, I am sure you know by now that currently, the fixed deposit interests are generally very attractive, typically in the range of 3% or more.
Many individuals have flocked to the banks to open fixed deposit accounts to take advantage of the high interest rates.
While I find that the common reason for opening up fixed deposits now is to take up and enjoy the high fixed deposit rates, I find that there is another more important reason for not just individuals with some savings to deposit in fixed deposits, but everyone to take up fixed deposits.
This reason is none other than not just the act of taking up the fixed deposits by the very essence of such an act: Savings.
Yes, in essence, high fixed deposit interest rates should all the more encourage more to save and to save up more.
And what’s more valuable right now in this volatile global economy to have more savings, to provide a good buffer against possible downturns of the economy?
That is why, I encourage everyone who can take up fixed deposits to do so right now, every monies counts towards an acceleration of your savings.
But an equally important point is to always check the required holding period of the fixed deposits and whether this period will suit your own savings and investment practice.