Both Timo Goal Save and Timo Term Deposit are useful tools that can help you to store your savings money. However, depending on your purpose of saving and use, Goal Save and Term Deposit would be suitable for different purposes. Find out when you should you use Goal Save and when you should use Term Deposit in the article below.
From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.
When should you use Goal Save?
If there are specific goals you need to achieve in the future, Goal Save will help you to do this as easy as pie. Goal Save allows you to create as many Goal Save as you need. To help you achieve your goals on time, upon creating a new Goal Save, you will be asked to choose or fill in all the important elements related to your Goal Save, including: the amount of money you need for your goal and the date you need it. You will be supported from the planning step through the process of saving for your goals.
For those who have a high spending habit, Goal Save will be useful for them due to the following reasons:
– The money you save will not be violated and will not be used for unnecessary matters
– Your goals can be achieved effortlessly with Goal Save’s automatic recurring contribution feature where, if it is active, the money in your Spend Account will be automatically transferred to your goal every day, week or month (depending on your chosen contribution frequency).
– You future plans can be easily achieved on time
When should you use Term Deposit?
Do you have a certain savings amount that you do not want to put into investment yet? You can still generate profit from this savings amount with Term Deposit.
Term Deposit is a convenient tool for users as it allows you to open a savings account online while having full control of your Term Deposit anytime and anywhere. In addition to attractive interest rates and flexible terms, with Term Deposit, you can also split your savings into several small Term Deposit to maximize your interest.
Thus, as you can see, your purposes and needs will decide when you should use Goal Save and when you should use Term Deposit. While Goal Save is designed to help people achieve their goals, Term Deposit is for those who want to profit from their savings.
Outstanding features of Timo Term Deposit
If you use Term Deposit, opening and managing your savings accounts will be transparent. All the important information, including: annual interest rate, total interest, due date, balance at due date, etc., will be displayed in the Timo app upon opening a new Term Deposit.
If you plan to save a large amount of money, Term Deposit will suggest you to break it down into several small Term Deposit instead of opening one big Term Deposit. This will help to provide you with the flexibility of using your savings money, as well as maximize your interest. This is because, even if you need to withdraw one of your Term Deposits ahead of time, you can still maintain interest for other Term Deposit that you do not withdraw ahead of time.
The benefits of opening savings accounts with Timo will give you more time to enjoy life as all the procedures can be carried out online instead of having to visit a bank’s branch. Hopefully the above article has helped you to answer the questions of when to use Goal Save and when to use Term Deposit. Find out more about Goal Save here and Term Deposit here.