What do you think about fixed deposit way of saving money

[cherry123]

This is about saving your money in a fixed deposit account for a period of time before withdrawing with interest. is this an ideal way of saving money?

 

[Sanjeev]

I think it's a good way to invest, one should check other ways of investment.

 

[cherry123]

I think it's a good way to invest, one should check other ways of investment.

It is a good way for one to invest with any spare money. The interest will be better

 

[Shavkat]

It is fine for me. But I prefer to have a dollar time deposit. At least, I can gain something from doing it.

 

[Enxx]

It is good for anyone that has no business to do with it. But I don't like the idea because it's interest is low

 

[cherry123]

It is good for anyone that has no business to do with it. But I don't like the idea because it's interest is low

But the interest is better than that of savings account. Banks are just using our monies to make money for themselves

 

[Niyi Briggs]

With the ridiculous interest rates they offer in Nigeria, it is a complete waste of time. I prefer to invest those funds.

 

[nomad]

Even though the value of your money depreciates when you keep it in the banks for a long time, it is a good strategy because you earn higher interest.

 

[misha]

It's good and the money saved int bank is safe the interest rate is low but it's safe

 

[Springtime]

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.

 

[Niyi Briggs]

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.

 

[uptrendfinancialsignal]

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.

 

[eldavis]

Yes it's a great way to save. It would increase your discipline level on how you spend money, and prevent you from touching it as you feel like.

 

[jetsaints30]

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.

 

[uptrendfinancialsignal]

Yes it's a great way to save. It would increase your discipline level on how you spend money, and prevent you from touching it as you feel like.

Proper budgeting will not allow you to spend on random things and you can easily save with such plans.

 

[Reedex]

Fixed deposit is never a way of saving money but it is a way of investing to earn certain interest

 

[uptrendfinancialsignal]

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.

 

[LoukiaCharilaou]

It is a very good way to save money. However, the interest is not high enough.

 

[IB D]

In my country, it is a total waste of time to put funds in a fixed deposit. The interest rate is so low. It's about 6% per annum. I don't find it interesting.