The Best Bank for Time Deposit?
It has been our family's dream to have a car someday. It doesn't matter if its brand new or not as long as it can be called our own possession or property. However, we couldn't buy it good as cash because we don't have enough funds. My mom was actually the one who will buy a car for us. As of now, she can send money gradually until we were able to reach the total amount of the car that we want to buy.
Ive been thinking if it would be a good idea to make a time deposit so we can generate an interest on it. Based from what I had understood, using of a time deposit is to the benefit the depositor. Time deposits are very popular among Philippine savers, both small and big ones, because they guarantee earnings from cash you are sure to get back after a certain period normally for 30 days, 90 days, and 180 days.
Right now I am looking for the best bank for my time deposit. I searched it online and I found out that some banks significantly rewards bulk deposits. So far, BPI and Chinabank has the best rates for deposits in the lower brackets towards the half-a-million-peso level and its rates are taken over by PSBank and BDO. How about you guys? do you know the best bank for my time deposit? Any bank you can recommend to me?