If you have accumulated a certain amount and do not intend to spend it right now, you are faced with the question of the safety of money. Pay attention to one of the popular ways of investing free finance - bank deposit. To multiply your savings, you should take special care when choosing a deposit.
It is necessary
Agreement with the bank on opening a deposit
Instructions
Step 1
Formulate the purpose of opening a deposit. If you have a limited amount and just want to protect yourself from inflation, choose a deposit without the possibility of replenishment. The interest rate will depend on the size of the investment. As a rule, income from non-refillable deposits is higher than from "time" and "demand". If you are saving money for a major purchase or for a vacation, it is more profitable to open a deposit that allows you to additionally deposit any amount to your account. In this case, you will be able to replenish the financial stock as far as possible.
Step 2
Determine the duration of the deposit. Banks offer a variety of options, from one month to several years. The longer the term, the higher the interest rate on the deposit. However, you need to make a decision very carefully, weighing all the pros and cons. The fact is that during this time you will have to “forget” about the money invested. If the deposit is closed ahead of schedule, the bank charges the minimum possible amount of income. When choosing a long-term deposit, find out if there is a capitalization of interest. This means that after a certain period, for example, once a month, the accrued income is added to the initial deposit. In the future, the interest "goes" to the increased amount.
Step 3
Select the currency in which you will store the accumulated funds. Economists recommend a multicurrency deposit as the best option. The finances deposited into the account will be exchanged by the bank for several types of foreign money, for example, US dollars and euros. For each part of the deposit, its own percentage will be accrued. The withdrawal of the deposit is made by agreement with the client in one or another currency.
Step 4
Study the banking market. To do this, visit several large and reputable banks. Ask about the conditions for opening deposits, interest rates and other points that are important to you. Take sample contracts and read them carefully at home. As a rule, banks offer the same interest rates for deposits with similar conditions. If profitable promises resemble mountains of gold, it is worth additionally checking the reputation of the financial institution. Another "pitfall" lies in the clause of the agreement, according to which the bank reserves the right to change the deposit rate without notifying the client.
Step 5
Compare the profitability of different deposits. You can calculate the potential profit yourself, using, for example, a special Internet service. Pay attention to the next nuance. If you are ready to part with the nth amount for six months, then you need to compare the profitability of semi-annual, three-month and monthly deposits. At first glance, a long-term deposit will bring more money. However, if you do not plan to withdraw the accrued interest from the account, then a monthly deposit extended several times may be more profitable.
Step 6
When investing a large amount, divide it into several deposits. For more confidence, deposits can be opened in different banks. The state guarantees the refund of money in case the bank is declared insolvent and its license is revoked. Small deposits are paid out faster. The maximum amount of compensation can be found on the website of the Deposit Insurance Agency.
