With the increasing demand and needs of people around the globe, reasonable spending has became an important skill in our lives. However, in today’s technologically developed society, such skill can also be greatly supported by many smart tools and applications.

To manage your personal expenses effectively, ones must get the right tools and products needed to help with their financial situation. If this is one of your New Year’s resolutions, join us in finding the financial support package you would need in 2020.

1/ Debit card with a multifunctional mobile banking application

Some of the most common problems people experience with their personal expenses are the difficulty in keeping track of the monthly expenses and the money spent for such expenses. There are usually a variety of fixed fees and bills that you would need to pay every month, including: rent, electricity, water, internet, TV cable, etc. How can you limit the time spent to pay for these bills?

To solve this problem, getting yourself a debit card with a multifunctional mobile banking application at a reputable bank would be the ideal solution. Choose a modern bank with smart features that can help you take care of your monthly expenses in just a few simple steps without having to leave your seat. Additionally, your chosen bank should also minimize the fees of ATM withdrawals, money transfers, POS or online payments.

If this is still what you are looking for, keep in mind that one of Timo’s well-favored products is Timo Debit Card that is connected to your own Spend Account in the Timo app. Timo Debit cards allow free withdrawals at more than 16,000 ATMs in Vietnam, free-fee money transfers to 40+ banks on the NAPAS network and free-fee POS or online payments. Additionally, the Timo app also offers a wide range of well known service providers to help customers pay their monthly bills quickly. Find out more here.

2/ Online savings accounts

Saving accounts have been favored by a large population of people in Vietnam due to its low risk nature and the ability to help people achieve their set goals. Among the number of organizations that allow people to open their savings accounts, customers usually choose banks to open their savings accounts with in order to secure their own benefits.

At the same time, the development of technology and internet has brought significantly positive changes in opening savings accounts. For instance, instead of having to queue up at the bank to open your savings account, most banks now allow customers to carry out this process online anytime and anywhere. Additionally, the minimum amount to open an online savings account is also set lower.

However, before opening a savings account, there are still many factors to be considered, such as:

  • Reputation and credibility of the chosen bank
  • Interest, terms and benefits

Also, you would need to see which type of savings account would best suit your needs. Are you planning to open a savings account to use in the near future? Or are you planning to open a savings account to earn interest from it in the long run?

To bring as much flexibility as possible to customers, Timo allows our cardholders to open online savings accounts with smart functions and attractive interest rates. Understanding that customers may open online savings accounts for different purposes, online savings accounts at Timo are divided into 2 types: Goal Save and Term Deposit.

  • Important notes:

    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.

3/ Credit card

If you travel overseas frequently for work or leisure, having a credit card will come in handy. Three of the most common benefits brought by credit cards include:

  • Your daily shopping activities will no longer depend on the current amount of cash in your wallet or the remaining balance of other types of cards. Instead, you will be fully in charge of managing and making your payments without having to worry about how to afford them.
  • Who wouldn’t like the idea of traveling abroad without having to be stressed about how to bring a lot of cash nor going through the hassle of money exchange? With a MasterCard in hand, you will not have to worry about how to keep your cash safe, or how to balance your financial source when using it abroad.
  • MasterCards have always been known for their high security that allows users to confidently carry out transactions without having to worry about identity theft or fraud. In cases when you lose your MasterCard or have it stolen, you can immediately lock it on your bank’s website or mobile app. You might not be able to do anything about losing your money in cash, but you can definitely avoid losing money in your MasterCard even if it gets lost or stolen.

These are the main 3 reasons why MasterCard is a must have item for 2020. Find out more about Timo MasterCard and how to apply here.

4/ Personal insurance

To avoid health and financial risks, getting personal insurance for yourself is a must in 2020. Personal insurance is a common name for different types of insurance products that help to cover the financial losses that you cannot afford. These insurance products are used for situations when you experience accidents, illness, death, damage caused to your own property or to a third party.

Personal insurance protects you in the most comprehensive way, from assets you own such as properties or vehicles to activities such as travelling for work and leisure. The types of personal insurance you will need in 2020 include:

  • Life insurance
  • Health insurance
  • Personal accident insurance
  • Travel insurance (for both domestic and international travelling)
  • Find out more why you need to have these types of personal insurance here

If you own a Timo account, you can easily get personal accident insurance and travel insurance instantly in the Timo app.