What do you think about fixed deposit way of saving money
- Thread starter cherry123
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- #3
It is a good way for one to invest with any spare money. The interest will be better
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- #6
But the interest is better than that of savings account. Banks are just using our monies to make money for themselves
With the ridiculous interest rates they offer in Nigeria, it is a complete waste of time. I prefer to invest those funds.
The interest rate of a fixed deposit account is slightly better than that offered by a general savings account. I would keep a certain amount of money in fixed deposit account, some in savings for emergency use.
It is just a platform that can help you hold your money at best. Nothing beyond that. The interest rate is always very low. I don't like it. If you see a sure investment, please do.
The fixed deposit is also a very good way to earn certain amount of money from the money you have saved but the interest is always very small.
Its a pretty sweet deal. You will get interest when you withdraw. Its a great way to save and feel secure about your hard earned money.
Proper budgeting will not allow you to spend on random things and you can easily save with such plans.
When you fix certain amount of money, you are going to earn interest on the amount that you have fixed in the bank and the amount you will receive as interest will also depend on the number of years you want to fix it.
It is a very good way to save money. However, the interest is not high enough.
