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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!

 

In today’s modern world, online transactions have become more well-known and favored by people due to its convenience. To keep up with the speed of people’s lives, Timo prioritizes online transactions to help you carry out your transactions quickly and easily.

What does “online transaction” mean?

Remember the days when you have to bring physical cash with you whenever you go out shopping? Or those days when you have to visit a bank branch to send or withdraw money? With the explosion of technology and the internet, having physical cash or visiting a bank branch are not significantly important anymore. This is because most banking transactions can now be done online via the internet or the bank’s mobile app. In short, online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer.

Timo – Transaction online anytime & anywhere

What is a digital bank?

Most of us are probably familiar with the concept of traditional banks offering branches and transaction offices at different locations for customers to come and carry out their banking transactions.
Unlike traditional banks, digital banks allow customers to carry out the majority of regular banking transactions online via the Internet. Instead of having to visit a bank branch or office to make transactions, all transactions are digitized and can be done online, from applying for a new bank account to opening a savings account, getting an overdraft loan, etc.

What makes digital banks stand out?

The development of digital banks helps to solve several disadvantages of traditional banks. With a digital bank, you can carry out several transactions anytime and anywhere through the internet without having to worry about time and location. As many transactions can be done online, this helps digital banks to reduce a lot of costs and, therefore, several fees are waived for the customers.

What types of online transactions can be done with Timo?

Move money

As a digital bank, the first online transaction type we offer through the Timo app is move money. You can move money anytime and anywhere, even if it is midnight or you are abroad. The move money fee to 40+ banks in the NAPAS system is also waived.
When using Timo to move money, you only need to enter the payee’s account number or card number and the other details will be automatically updated for you to double check. Also, if it is a new payee, their information will be automatically updated in your Payees List to make it faster and more convenient for your next money transfers.

Open a savings account

In addition to move money, Timo also allows users to open savings accounts online without having to visit a bank branch.
To meet different needs, we offer different saving methods that suit different purposes. If you want to open a savings account to earn interest, you can use Term Deposit and its smart feature of splitting one Term Deposit into four to minimize the interest loss when you need to withdraw some of your savings amount ahead of time. If you want to save a particular goal in the future, you can use Goal Save and its smart feature of automatic recurring contribution to achieve your goals easily.

  • 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.

Pay bills

To help you save the time that you would have to spend on visiting different places to pay different bills, the Timo app also allows you to pay several different bills, such as: electricity, water, internet, cable TV, etc. Whenever you want to settle a bill, go to the Bill List in the Timo app, choose the bill you want to pay and make your transaction.

Buy insurance

To enhance the level of convenience for users, the Timo app provides several different insurance products to help you protect yourself better. Specifically, you can find all the information you need and buy personal accident insurance from Sun Life or international travel insurance from Liberty Insurance via the app. With Timo, protecting yourself better with the necessary insurance products can easily be done within a few swipes and taps.

Invest in an open-end fund

In addition to the insurance products, we also partner with VinaCapital to bring you the convenience of being able to invest in the open-end fund managed by VinaCapital right in the app. When investing with VinaCapital in the Timo app, you can choose between the VinaWealth Equity Opportunity Fund (VEOF) or the VinaWealth Enhanced Fixed Income Fund (VFF). You can easily own an investment account with VinaCapital with the minimum amount of 2.000.000 VND and a few swipes and taps in the app.

There is not an ideal number of how much you should save as your savings money depends on several factors and one’s financial situation. However, there is still a need for each and everyone of us to save a certain amount of money to be ready for the future.

Why do you need to save money?

When it comes to saving, there would be more than one reason for you to consider saving from now. Some common reasons include:

1/ Potential risks in life: These are things that cannot be expected or foreseen, such as: sickness, accidents, etc. When these potential risks occur without financial support, you will easily face several difficulties.

2/ Potential plans in the future: You might be having future business plans such as opening a start-up business, buying a house for investment purposes, etc. As business plans would always need a certain amount of capital in the beginning, having a savings amount will help you to execute these future plans more easily.

3/ Be financially independent: Having your own savings means you are more likely to be financially independent instead of having to depend on your family, spouse, etc.

Each of us will have different reasons to save money instead of spending all of our monthly income. Saving money will help you to maintain your daily life and build a strong financial foundation for the future.

How much should you save before you are 30?

Your savings amount will entirely depend on your financial capability and your monthly income. However, to make sure you effectively save a certain amount of money every month, you can apply the following formula for your monthly income. In particular, you should break your income down into 6 main accounts, based on the JARS System of money management, including:

– Necessities account – 55%

– Savings account – 10%

– Education account – 5%

– Financial freedom account – 10%

– Entertainment account – 10%

– Charity account – 10%

As you can see, from this formula, you should save 10% of your income per month. When you have a certain standard, you can easily calculate how much you should be able to save before you are 30. For instance, you are currently 26 years of age and your monthly income is 20.000.000 VND/month. If you apply the above formula, you should be able to save 96 millions VND when you are 30 years of age. If you can save this much money, you can easily earn interest if you open a savings account or invest in your start-up business.

What is the most effective method of savings?

There are currently several savings methods of saving for you to choose from. Two of the most common savings methods are known to be independent savings and saving with a third party. With independent savings, you would start a plan on your own and execute your plan by stacking cash in your safe. On the other hand, opening a savings account at a bank or buying insurance are some examples of saving with a third party.

At the moment, the majority of banks offer several savings products for you to choose from. However, online savings account is the product that can help you plan and manage your savings more effectively. Timo is currently one of the banks in the marketing that also provides this savings product. Find out more about Timo Term Deposit with attractive interest rates 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.

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 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!