Should I save 50 million dong in the bank?

What is bank savings?

Saving money in a bank is a form of investment. Accordingly, customers deposit a sum of money in a bank with the purpose of saving for a certain period of time. At the end of that period, the depositor will receive interest and the principal amount.

If I have 50 million, should I save it in the bank or not?

When having 50 million VND, many people wonder whether to save money in the bank or not. To have the correct answer, customers need to clearly understand the advantages of saving money in the bank.

Savings with interest

When depositing money in a bank, the depositor receives regular interest every month. The deposit interest rate will depend on each bank.

For example, with Techcombank, the interest rate for a 1-month savings term is 3.6%/year. If you deposit 50 million, you will earn 150,000 VND/month. If you deposit for a 12-month term, with an interest rate of 5.3%/year, you will earn 220,833 VND/month.

Limit the risks

Not only profitable, bank savings also have a high level of safety for financial transactions. Compared to other forms of cash investment such as buying gold, stocks, foreign currency..., savings generate more stable profits, very rarely bad situations arise.

Stable, transparent

Saving money in banks is also stable and transparent. Saving money is certified by the bank, with a written basis such as a savings book. Therefore, depositors can control their money anytime, anywhere and can withdraw it whenever they want.

Thus, if you have 50 million VND that you do not need to use, you can consider saving it in the bank. If you leave the money at home, you will not earn any interest, and there will also be many unexpected risks.

Minh Huong (synthesis)

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