After a whole year full of hard work and saving, how much of your account balance you are planning to save with the purpose of generating interest? No matter how much you are planning to put into your savings account, keep in mind that you should choose the kind of savings method that would not make your life difficult. To make this happen, check out how Timo Term Deposit works in the article below, as well as how it would help you to maximize your interest.

1. Start saving now without having to wait

Are you currently waiting for several things to happen in order to start putting your money into a savings account? For instance, you might be waiting to have enough money to open a savings account, or you already have enough money but are waiting to have free time to visit your bank to open a savings account. With Timo Term Deposit, you will not have to wait any longer as every step and procedure can be done within a blink of the eye in the Timo app. Additionally, Timo Term Deposit offers the following convenient features:

  • Low minimum requirement – 1.000.000 VND
  • Competitive interest rates – up to 7.6%/year
  • Start saving whenever you have money without having to wait for anything as a Term Deposit can be open in the Timo app within a few swipes and taps

Before opening a savings account to earn interest, a lot of people hesitate as they are concerned that they will lose a fair amount of interest if an urgent matter comes up and they end up having to withdraw their money ahead of time. If this is your concern, Timo would be a perfect option as we have a way to help you minimize the loss of interest in these situations.

2/ How to minimize losses of early withdrawal with Timo Term Deposit?

The highest possible interest rate does not always mean that it would help you to generate the largest amount of interest. In an unexpected situation that requires you to withdraw money ahead of time, the higher the interest rate, the higher the amount of interest you would lose. This is why Timo Term Deposit is designed to help you avoid losing a large amount of interest by suggesting users to split their savings amount in smaller accounts. This process can be done quịcly while you are opening a Term Deposit in the Timo app. Upon opening a Term Deposit, depending on the amount of money you wish to save, Timo will suggest you to either open 1 account or split it into 4 accounts. If your savings money is split into 4 Term Deposits, you can easily withdraw 1 during unexpected situations and continue to earn interest on the remaining 3 Term Deposits. With this feature of our Term Deposit, Timo account holders will not need to worry that they would lose all of their interests even when they are in the situation where they need to withdraw some of their savings.

However, be advised that early withdrawal is not always encourage as the best way to maximize your interest is not to withdraw any of your Term Deposits ahead of time.

3/ Unlimited number of Term Deposits is allowed

Hopefully this article is helping you to know how to generate interest from your savings, even with a small amount, as well as how to split your savings account so you would not lose all of your interest in unexpected situations.

Do keep in mind that as Timo Term Deposit encourages users to hold several small accounts, the number of Term Deposits you can open in the Timo app is not restricted. No matter how many Term Deposits you have already opened, you can still easily have another Term Deposit at only 1.000.000 VND.

Don’t leave your savings idle! Put it into work with Timo Term Deposit and enjoy your stress-free savings method brought from Timo!

After a year filled with hard work and savings, how much of your account balance you are planning to save with the intention of generating interest? No matter how much you are planning to put into your savings account, keep in mind that you should choose the kind of savings method that would not make your life difficult. To make this happen, check out how Timo’s Term Deposit works in the article below, as well as how it would help you to maximize your interest.

1. Start saving now without having to wait

Are you currently waiting for several things to happen in order to start putting your money into a savings account? For instance, you might be waiting to have enough money to open a savings account, or you already have enough money but do not have free time to visit your bank to open a savings account. With Timo Term Deposit, you do not have to go to the bank as every step and procedure can be done in minutes right in the Timo app. Additionally, Timo’s Term Deposit offers the following convenient features:

  • Low minimum requirement – 1.000.000 VND
  • Competitive interest rates – up to 7.6%/year

Start saving whenever you have money without having to wait, as a Term Deposit can be opened in the Timo app in a few swipes and taps


  • Important notes:
    From 5th July 2019, 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.



Before opening a savings account to earn interest, a lot of people hesitate as they are concerned that they will lose a fair amount of interest if an urgent matter comes up and they end up having to withdraw their money ahead of time. If this is your concern, Timo would be a perfect option as we have a way to help you minimize the loss of interest in these situations.

2/ How to minimize losses of early withdrawal with Timo Term Deposit?

The highest possible interest rate does not always mean that it would help you to generate the largest amount of interest. In an unexpected situation that requires you to withdraw money ahead of time, the higher the interest rate, the higher the amount of interest you would lose. This is why Timo’s Term Deposit is designed to help you avoid losing a large amount of interest by making the smart suggestion of splitting their total savings amount into smaller accounts. This can be done instantly and quickly when you open a Term Deposit in the Timo app. Once you open a Term Deposit, depending on the amount of money you wish to save, Timo will suggest that you either open 1 account or split it into 4 accounts. If you choose the option of splitting it into 4 Term Deposits, you can easily withdraw 1 in case of an emergency and continue to earn interest on the remaining 3 Term Deposits. With this feature of our Term Deposit, Timo account holders do not need to worry that they would lose all of their interest if they are in a situation where they need to withdraw some of their savings.

However, be advised that early withdrawal is not always encouraged as the best way to maximize your interest is not to withdraw any of your Term Deposits ahead of time.

3/ Unlimited number of Term Deposits is allowed

Hopefully this article will help you to generate interest from your savings, even with a small amount, as well as let you discover how to split your savings account so you would not lose all of your interest in unexpected situations.

Do keep in mind that just as Timo’s Term Deposit encourages users to hold several small accounts, the number of Term Deposits you can open in the Timo app is not restricted. No matter how many Term Deposits you have already opened, you can still easily have another Term Deposit at only 1.000.000 VND.
Don’t leave your savings idle! Put it into work with Timo Term Deposit and enjoy your stress-free savings method brought to you by Timo!

The beginning of the year is the period of time that gives you the most inspiration and energy to start putting your New Year’s Resolutions into actions. Is saving money one of your New Year’s resolutions? How can one start an effective savings habit? Below are some tips and suggestions on how you can get started for the New Year.

1. Evaluate your previous year’s expenses

Changing your savings habit is not as challenging as you may think, as you can easily start by making a list of personal income and monthly expenses. Once your list is created, differentiate your expenses into 2 categories – high priorities and low priorities. Your high priorities should include expenses used for house rent, mortgage payment, monthly bills such as electricity, water, etc. Money used for shopping, eating and entertainment should be allocated in low priorities. Differentiating your expenses can be a key to help you save money effectively. For instance, cutting down money spent on buying take-away coffee everyday and eating out at restaurants 3 times per week will help you to save a significant amount of money.

2. Cut down on your monthly expenses

Besides cutting down expenses used for low priorities, don’t forget to evaluate your high priorities list as well. Monthly expenses such as electricity, water, gas, etc. can also be cut down to help you save more effectively. Although they are irreplaceable needs, you can still reduce costs by using them more economically and smartly. Here are a few things you can do:

  • Use energy saving light bulbs, water heaters, etc.
  • Replace your cable TV package with a more affordable one
  • Clean your air conditioner and start using it on power saving mode

3. Clear debts of previous year

Besides cleaning the house, you also should clean up debts of the previous year to welcome a prosperous new year. In particular, interest-bearing debts always need to be prioritized to avoid increased interest rates and late payment fees. Plan a periodical repayment timeline to manage your debts effectively. Strive for a new year without debt by cleaning up all your remaining debts!

4. Start saving to generate profit for the New Year

What are you planning to do with the amount of money you have managed to save for the previous year? Have you thought about putting this amount of idle money into work and start generating profit from it?

If you have a Timo account, you should put your savings into a Term Deposit instead of keeping it in your Spend Account. With only a few swipes and taps, you can own a savings account with an attractive set of interest rates – from 5.3 to 7.6% per year. While you can start opening a Term Deposit at only 1.000.000 VND, depending on the money you put in your Term Deposit, you will be suggested to split the amount into smaller accounts to minimize the loss of interest in cases when you need to withdraw some of your savings ahead of time.

  • 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.

5. Use Goal Save to achieve your goals

In addition to Term Deposit, use flexible savings tools to achieve your short-term goals.

If you have a Timo account, you can easily do this with our smart savings feature – Goal Save. With Timo Goal Save, you can create inspirational names for your savings such as “Travelling around South East Asia” and set up your own automatic recurring contribution timeline. However, this is entirely flexible as you can also contribute money into your Goal Save manually, change your target date or target amount anytime you want.

To manage and consume your salary smartly, one needs to choose a suitable bank to open an account with in order to receive their monthly salary from their employee. Below are 5 reasons why a Timo account would be an ideal option for you to receive your monthly salary.

Open a Timo account to receive your monthly salary here.

1. Pay monthly bills easily

The beginning of the month is usually when your monthly bills, including: house rent, electricity, water, TV cable, telephone, etc., due. Keeping your salary in a Timo account will help to pay for these bills quickly with just a few simple steps in the Timo app. For each monthly bill that you have to pay, you just have to add and save your service provider information once.

With hope to bring as much convenience as possible to customers, Timo also offers a wide range of the most used service providers in Ho Chi Minh, Ha Noi, Da Nang & Can Tho so every Timo cardholder can easily pay for electricity, water, TV cable, internet and telephone right in the Timo app.

Settling these bills via Timo also helps you to manage your spendings efficiently, as all transactions made through your Spend Account are recorded in the Transaction List in the Timo app.

Open a Timo account to receive your monthly salary here.

2. Free interbank money transfer

The service fee of interbank money transfer in Vietnam is currently charged from 6.600 VND to 11.000 VND (for transactions of less than 10.000.000 VND/transaction). If you have to transfer money regularly, you might have to pay a significant amount of 100.000 VND to 500.000 VND per month for all these money transfer fees. This amount would be even greater if you need to transfer larger amounts of money.

With Timo, you can easily transfer money from your Timo account to more than 40 banks in the NAPAS network without having to worry about any fee. For those who have different bank accounts to cater different needs, receiving your salary through Timo will be significantly beneficial since you can freely distribute your salary to other bank accounts without being charged any fee. With Quick Actions, this can even be done within a minute.

Open a Timo account to receive your monthly salary here.

3. Free cash withdrawals at more than 17,000 ATMs

With Timo, you can freely withdraw money anytime and anywhere without any withdrawal fee. Similarly, depositing cash into CDM machines at Timo Hangout in Ho Chi Minh, Ha Noi, Da Nang & Can Tho and at VPBank’s branches is also free of charge.

There are two ways to find the nearest ATMs nearby. You can either active the Discover feature on Google Maps and enter “ATM” in the search tool, or you can tab on the Timo app and click on the positioning icon the top left corner to see all nearest ATMs and CDM machines in the area around you (no login required).

4. 3-layer security to protect user’s account

Account security on banking mobile applications is always known to be the top concern for people. Understanding the priority of customers when choosing a bank to open an account with, Timo offers 3 layers of security to protect your account, including:

  • First layer: 8-character password is immediately required upon accessing the Timo app or Internet Bank (this step can also be replaced by fingerprint in the Timo app).
  • Second layer: To prevent the app from being fraudly accessed because it was not properly closed, Timo requires users to enter their 4-digit quick code whenever they would like to return to the app from the Home menu. This quick code can also be replaced by fingerprint in the Timo app.
  • Third layer: To ensure safe transactions for customers, Timo chooses to use iOTP instead of the usual OTPs. Both OTPs and iOTPs are required confirmation codes used to verify the transactions made from one’s bank account. However, instead of sending OTPs via phone messages with potential risks of information theft from hackers, Timo uses iOTPs and shows it on the screen for customers to verify their transactions. With iOTPs, you can also safely transfer money even when you are abroad or outside of the coverage area.

When using Timo, you can easily be proactive in setting up tight and strong protection for your bank account. The Timo app also allows you to lock your card right in the app to prevent your money and personal information from being stolen when your card is lost or stolen. We believe that you are more at ease to enjoy life and make plans for the future when you know that your personal finance is well protected.

Open a Timo account to receive your monthly salary here.

5. Smart savings

Timo also dedicates Goal Save for customers to effectively create and manage their saving goals. For each set goal, you can choose to add an automatic contribution every day, week or month. After setting your automatic contribution, money in your Spend Account will be automatically transferred to your Goal Save based on the recurring contribution period that you have set.

On the other hand, if you would like to generate interest from your savings, this is where Term Deposit would come in handy with attractively competitive interest rates. With the amount of money you use to put in your Term Deposit, the Timo app will let you know immediately how much interest you would make from that savings amount. With large amounts of savings, the Timo app would also advise you to divide your savings into different small Term Deposit to minimize losses in cases when you have to withdraw your savings ahead of time.

Open a Timo account to receive your monthly salary here.

  • 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.

How to change your salary account to your Timo account?

Download the request form here, fill in your Timo account number & your name and submit it to your HR department. It should only take you 2 minutes. You can easily find your account information under “Share my bank details” in the main Menu of Timo app or on my.timo.vn.

Let the joy of receiving your salary be enhanced by getting your salary with a Timo account to plan and manage your personal finance effectively.

  • Did you know? 

    To help you save time and money so you can live your life instead of spending it at a bank, Timo digitalizes the majority of regular banking transactions so you can bank anywhere and anytime. Here are some of the highlights that you can look forward to: 

    Free ATM withdrawals/money transfer

    Free annual fee for Timo Debit cards 

    Smart online saving tools with competitive interest rates

    Convenient Timo Mastercard with attractive benefits

    Get an overdraft loan within 30 minutes via the Timo app

    Send a payment request, lock/unlock your cards, pay bills right within the app 

tính lãi suất ngân hàng

If you have some idle money that is not in demand, then learn how to save money in the bank. Not only are your funds safe but also lucrative over time. This profit is called interest savings. This interest is calculated based on the interest rate provided by the bank. The higher the interest rate, the higher your interest earned.

Depending on the type of deposit as well as the bank, you have different ways to calculate interest rates. Normal interest rates will be set by the bank and comply with the regulations of the State Bank of Vietnam.

Knowing how to calculate interest rates 

  • Calculating interest rates on savings accounts

For savings accounts, depositors can withdraw money at any time, even at the start of setting up the account without notice. However most banks will have a minimum balance required for a savings account. Either way, when you choose to save in a savings account, you should know the formula to calculate interest rates:

Interest = Principle x Interest rate (% / year) x Years / 360

  • Calculating interest rates on term deposits

When you open a term deposit this means that after a certain period of time your deposit with mature and the funds will be withdrawn to your designated account. Banks offer a selection of terms by week, month, quarter, or year, depending on the individual needs of each customer. The calculation formula would look like this:

Interest = Principle x Interest rate (% / year) x Term  / 360

Or
Interest = Principle × Interest Rate (% / year) / 12 x Number of Months
Term deposit interest rates are usually higher than savings accounts and have a competitive yield. If you allow the term deposit to mature at the end of the term, you will receive the entire interest rate. Today, most people choose this method.
cách tính lãi suất ngân hàng

Simple saving interest rate (photo: Internet)

QUESTIONS TO ASK WHEN OPENING A BANK ACCOUNT

Question 1: How to calculate interest rate after maturity of the term deposit? What happens to funds after the due date? 

Almost all banks apply the following method to calculate interest rates on savings when the maturity date is due, as follows:

Interest will automatically be credited to the account and the account will move to the next term (the same term you originally selected) with new interest rate at the time of renewal. If your term deposit has expired , the bank will automatically renew it for a shorter term close to the initial term.

The formula is:

Interest = Deposit amount x Interest rate (% / year) x Number of days actually deposited / 360

Question 2: You have saved a small amount in a fixed term savings account,  but with a busy work schedule,  you have forgotten the due date. You want to renew the term but you decide not to add more funds to the account. How to calculate the applicable interest rate for the renewed term based on the initial account balance?

In this case, Interest will be calculated based on the interest rate & term . Interest days are calculated from the maturity day to the date on which your savings account is closed. The highest interest rate is about 1% per year.

But don’t worry about the due date as most accounts are renewable. If the original deposit amount was 100 million, and the interest rate for one year was 7% per annum, the interest you earn in 1 year will be 7 million.

After one year of completion of term without settling the account, the default interest of VND 107 million will be added to your account. If at this time of maturity, the interest rate of the subsequent year is 6% per year only, then this new interest will be applied at the time of auto-renewal with the new term.

  • Interest calculation for year 2: 

Interest in this new term will be 107 x 6% = 6.42 million.

Total 2-year profit is 7 + 6.42 = 13.42 million.

 With the original amount of 100 million VND after 2 years accumulates to 113.42 million.

  • Early settlement in the middle of the year:

Assuming that non savings account interest at the time of settlement is only 0.5%. ( usually less than 1% )

Interest for the second half: 107 x 0.5% / 360 x 180 = 0.2675 million.

The interest for a year and a half will be 7 + 0.2675 = 7.2675 million.

With the original amount of 100 million, after 1.5 years accumulates to 107.22675 million.

 

cách tính lãi suất ngân hàng

Interest rates are not as hard as you think (image: Internet)

Avoid unwanted situations and keep your interest rates up to date, Timo has just the solution to help save you money:

  • You should be able to see the bank’s daily interest rate table to choose the appropriate time to open a term deposit
  • Enter the amount of money you would like to contribute to accurately calculate the amount of returns you will receive at the time of maturity at the best interest rate.
  • You should withdraw your savings at the maturity date, which will earn the best interest, as the current interest rate is only 1% per annum
  • In case of maturity, all funds from the Term Deposit will automatically be transferred to the Spend Account and you will be notified via email or in the Timo App.
  • Timo always recommends to split 1 deposit into 4 smaller deposits with flexible withdrawal for each. If you decide to withdraw a couple of TD’s early, you can continue to earn interest on the remaining deposits.
  • Customise each Term Deposit with a name so there’s additional motivation to make it happen.

Hope that this information will help you understand interest rates and smarter savings. If you want to open a Term Deposit with Timo, you can do this in 2 simple steps:

  • Step 1: Login to Timo on the Mobile or Desktop app
  • Step 2: Swipe left on Term Deposit and select choose New TD

  • Timo Term Deposit – Save money online

    • Competitive interest rates
    • Easy, quick and simple to open. Your online savings account, with flexible withdrawal options.
    • Timo recommends splitting your TD’s to still earn interest on those deposits that are not redeemed

There are a lot of investments that pay an income, across property, business ventures, stocks, mutual funds and more. Do you know that your savings can grow exponentially when invested  appropriately and after weighing all the market factors?
To ensure safety and efficiency, balance your investment plan and method with your actual financial situation, expertise and ability to execute the chosen investment plan.
To help customers make the right decision with their savings, we have listed down what we believe are 3 of the most common and suitable investment options in Vietnam here for inspiration.

Start an e-commerce business

With economies and businesses around the world being driven by the the internet, online retail is the newest business that makes customers lives easy and hence is in high demand. With the support of technology, this business is flourishing with high profit potential.  In Vietnam, online retail has been considerably successful with high demand for goods and services in fashion, cosmetics, F&B (Food & Beverage), Electronics etc.
Online retail should be carried out in the form of revolving funds. For example this means that the business owner should start with investing in importing goods, selling, making a profit and then use the profit to invest back in importing goods. Maintain an exponential development so that the ability of break even and generating high profit is likely.
However, there are still many factors to be considered before starting your own business. Take time to research the market, understand your competitors, industry benchmarks and customer behaviour first before investing in it.
đầu tư kinh doanh online

Open a term deposit account

A term deposit is a savings account with a fixed term. Term deposits can only be withdrawn after a certain period of time as agreed upon locking your money. You will always know your interest rates beforehand and your interest rates will stay fixed for the whole term. While the flexibility in withdrawing money before the end of the fixed term is limited, the interest rate of term deposit is higher than non-term deposits as it is calculated based on the fixed term your money is locked in for.


  • Important notes:
    From 5th July 2019, 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.


tiết kiệm và nhận lãi suất
Should you lock your money for a short or long term?
Many banks have published interest rates for both short and long term deposits at a competitive level. However, interest rates should not be the only factor determining the length of your term deposit. If you want the flexibility to withdraw and use your term deposit in the near future, a short term deposit would be the more suitable choice. For those who do not have any immediate need to use the funds, a long term deposit would be the best option.
In order to maintain a constant interest on your term deposits, divide your savings into smaller term deposits. Doing this would help minimize the loss of interest even in situations when there is a need to withdraw your term deposit early, as only one or a few term deposits would be withdrawn.
Timo is currently one of the leading banks that allow our customers to open term deposits right on their couch with attractive rates and flexible rates. Additionally, to help customers maximize their interest earning, Timo app also offers customers the option to split their term deposit into smaller amounts so that they would only have to withdraw from one of them when needed. Find out more information here.

Open an investment account with VinaCapital

Using your savings for investment can bring a range of different benefits, including: earning additional income from your investment, maximizing the rate of return and having your investment managed by professional fund managers. VinaCapital has Open ended funds that are easy to invest in and have high earning potential.
An Open-end fund is a professionally managed fund that consist of a combination of stocks, bonds and other financial assets of investors making it  suitable for anyone with the means and looking to achieve long-term financial goals. While investing in companies generates stocks, investing in open-end funds generates returns and capital gains. In Vietnam, there are currently two types of well-known open-end investment funds that are easy to carry out and generate high interest, including: equity opportunity fund and enhanced fixed income fund.

With the goal of delivering superior returns to both international and Vietnamese investors, VinaCapital is one of Vietnam’s foremost experts on investments. With more than 15 years proven expertise in Vietnam, VinaCapital offers multiple funds with different risk and return profiles that meet different investors’ needs.
To help our customers invest safely and effectively, Timo also allows our customers to open an investment account with VinaCapital right in the app with a minimum budget of 2.000.000 VND. Find out more information here.