6 Things to Look for in a Time Deposit Product for Growing Your Money

Both traditional and digital banks offer a range of financial products that can help grow your money. For instance, time deposits have a higher interest rate compared to regular savings accounts, making them an excellent place to park your money and boost your savings. Opening a time deposit account, however, involves you depositing funds for a fixed period, usually between a few months to several years. You’re also advised not to touch it until the fixed term is over to receive the interest in full. 

Due to the terms and conditions of a time deposit account, it’s ideal you open an account from a financial institution that offers the best features to ensure the safety of your investment. Here are some things you need to consider when looking for a time deposit product for growing your money:

The Bank’s Reputation

When considering a time deposit product to grow your money, it’s essential to evaluate the reputation of the bank offering the deposit. This serves as a crucial indicator of the institution’s reliability, stability, and trustworthiness. Institutions that have built a strong reputation over time are also more likely to adhere to regulatory standards, ensuring that your investment is protected. Finally, they prioritize customer service, offering personalized assistance and guidance to help you make informed financial decisions. Simply put, opting for a time deposit from a well-established and reputable bank provides peace of mind.

Additionally, a financial institution with a solid reputation employs robust security measures and offers insurance coverage to protect your money from various threats. For example, a reputable digital bank regulated by the Bangko Sentral ng Pilipinas and insured by the Philippine Deposit Insurance Corporation is better able to protect its users and their money. Therefore, it’s a safe bank digital savvy consumers can open a time deposit account for financial gain.

Interest Rates

The interest rate determines the amount of return you’ll earn on your time deposit over the specified term. Obviously, higher interest rates can impact the growth of your funds, allowing you to maximize your returns and achieve your financial goals more efficiently. However, it’s essential to compare interest rates across different institutions and terms to find the most competitive option. Through a careful evaluation of the interest rates offered by various institutions, you can make an informed decision and optimize the growth potential of your investment.

For instance, Maya—a fintech company in the Philippines—has a time deposit product called Time Deposit Plus. It offers a guaranteed 3.5% p.a. at the start of the term, which is typically higher than what most traditional banks offer. This interest rate can be further boosted when you reach your target amount and date, thus maximizing your money’s income potential. 

Term Length

Another important consideration when selecting a time deposit product is the term length or maturity period. It refers to the duration for which your funds will be locked into the deposit before you can access them without incurring penalties. Different financial institutions offer a variety of term lengths, ranging from a few months to one year or more. Usually, time deposits with shorter terms offer lower interest rates, However, they provide greater flexibility by allowing you to access your funds sooner if needed. On the other hand, time deposits with longer terms often offer higher interest rates but require an extended commitment period. So, when choosing the term length for your time deposit, consider your financial goals, liquidity needs, and risk tolerance. Opening an account with the right term length ensures that your investment aligns with your objectives and allows you to maximize the benefits of compound interest.

Minimum Deposit Requirements

Before opening a time deposit account, make sure to consider the minimum deposit requirements set by the bank. Minimum deposit requirements often vary. Some institutions may offer lower minimum deposits for certain types of accounts or promotional offers, making it easier for those with limited funds to take advantage of higher interests. Others may have higher minimum deposit requirements but come with additional benefits, such as preferential interest rates or waived fees. Understanding these requirements is crucial in helping you plan your finances as you lock in the initial funds in a time deposit account. 

Do note that there are also time deposit products that don’t have minimum balance requirements, like Maya’s Time Deposit Plus. This makes it more accessible to those who don’t have a large amount to deposit immediately. Moreover, Time Deposit Plus also requires a low total goal amount of at least Php 5,000 only, which means you can start earning boosted interest rates.

Early Withdrawal Penalties

Early withdrawal penalties are fees charged for accessing your funds before the specified maturity date of the time deposit. These penalties can vary and may include a percentage of the withdrawn amount or a loss of accrued interest. In ideal situations, you’ll keep your money in the time deposit account until the term is completed. However, there may also be situations in which you have to withdraw your money early. As such, you must carefully review the terms and conditions regarding early withdrawals to understand the potential consequences. While some institutions may offer more lenient penalty structures, others may impose substantial fees that can significantly impact your overall returns. 

Renewal Options

Renewal options dictate what happens to your deposit once it reaches maturity. Some institutions may automatically renew the deposit for another term unless instructed otherwise, while others may require manual renewal or offer the choice between renewal and withdrawal. Understanding your options allows you to plan ahead and make decisions that align with your financial goals and preferences. Automatic renewal can be convenient, ensuring that your funds continue to grow without interruption. However, it’s essential to review the terms and conditions associated with renewal, including any changes in interest rates or fees. Explore renewal options beforehand so you can avoid unexpected outcomes and maintain control over your investment strategy.

Selecting the right time deposit product is a crucial step in growing your money and achieving your financial goals. By considering these factors, you can make informed decisions that align with your needs and preferences, making it easier to choose a time deposit product that’s right for you.

5 Tips on Investing Money for your Child’s Future

It’s that time of that year again when people love to reminisce and plan. December is a month when everyone scrambles for a planner and tries to fill out their Starbucks, CBTL, Seattle’s Best Cards to get a planner that they can start writing on. In my case, I have two planners. I have one planner for my mommy duties and one planner for my work and business duties. As to why I have two, I have no clue, but it works for me. How your plan (or not plan for the next year) is really up to what feels comfortable for you. I can’t really tell you how you should plan, but I can share things that worked for me. This is also true with investing money for your child’s future.

The topic of investing money for your child’s future has been talked about several times. Oftentimes, I wonder why we always talk about it. I would think that with the plethora of articles out there about investing money, we would all be experts already. The reality though is that only a few really take investing to heart. The reason may be, because before we grow our money, we need to have enough money set aside as savings.

Honestly, I admitted to a few friends recently, that I am not good with handling money, so I need to have a system in place. I don’t splurge on things for myself, but I love buying other people things. I think it’s a way I show others that I care for them. The problem though is that I forget to keep track of my expenses, and before I know it, everything’s gone and I don’t know where it goes. So, since I know this about myself, I have developed a system a few years back that works for me. I hope that these tips work for you, too!

Step 1: Challenge yourself!

The picture on top is the vision board that I have for myself. At the lower left side is a chart of all my sources of income and my specific financial goal for each source. As I mentioned, I have a competitive nature and everything is a challenge to me. With this staring at my face every morning, I get challenged! I look for ways to achieve these goals and really make sure that I achieve these cash inflows! All of these initially goes to a savings account. Again, this kind of visualisation tools works for me, because I love hitting targets and even surpassing them!

Step 2: Determine your “investment goals or objectives”

I tie up every cash inflow / income source with one investment objective. For example, the funds that I earn from blogging is linked to my investment objective of building up funds for my daughter’s college education. The one for Manila Workshops is linked to my investment objective of having enough funds when we retire. So you get the idea, right?  I have always believed that once everything is clear in your mind, all of your efforts (even unknowingly sometimes) tend to go to that direction.

Step 3: Choose an investment tool or vehicle

The word investing can be so daunting. It sounds so complicated and boring, but believe me when I say that it is actually fun and satisfying. For those who are first timers in investing, you need to know what kind of investor you are. This means knowing your investment objective, what your threshold for risk is (meaning at what point will it be okay for you to lose money — the greater the risk, the greater the income that you will get), how long do you plan on investing, etc.

As a mom, I usually just go with investing in mutual funds. To understand what mutual funds are, check out this video:


I really don’t have time to monitor each and every fluctuation in the stock market, or even monitor what’s happening to different factors that can affect my investments, so I leave it to money managers to do that for me. There are different kinds of mutual funds, depending on what type of investor you are. To know what kind of fund you should get, just go to:


This goes to the Philam Asset Management Inc. (PAMI)website. (I made it easier for you to remember the link).


The PAMI website will then show you the type of mutual fund that fits you. These are the available funds. What I like about investing in mutual funds is that you can open a fund with only a minimum investment of Php 5000! How cool is that? Also, you can put in a minimum of Php 1000 to buy units anytime you want. philam-asset-management-inc

Step 4: Investing Money is a Habit one should build.

I opened a mutual fund account for my daughter when she was born. That was 3 years ago. The lesson that I learned in investing money is not the amount (how big of an investment you make) that you invest but at the consistency of putting in funds into your account. This 2017, I plan to make my investments more regular. After making the investment, forget about it! In no time, you will see that your money has grown and you’ll have enough for your child’s future.

Step 5: Investing Money should be fun!

When it comes to earning, saving and growing your money, we always fear that we don’t have enough. For a time this year, I had this kind of mindset and every thing went wrong. Writing this article made me realize that I have got to get back to my previous mindset about handling and dealing with money. Piling up money for the future is fun; it shouldn’t be a burden. So to make it fun, everything should really be intentional in creating wealth.

Let’s make tons of money this 2017! More than that, let’s have fun earning, saving and investing it. Wishing everyone a prosperous new year! Happy planning.

Love lots,

Mommy Ginger

Mommy Ginger





*P.S. Thank you Philam Asset Management Inc. for the information that you have shared!