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Are you currently waiting for several things to happen before opening a savings account? For instance, you might be waiting to have enough money, or you already have enough money but do not have free time to visit your bank to open a savings account. With Timo Term Deposit, you do not have to go to the bank as every step and procedure can be done in minutes right in the Timo app.
1/ Various terms to choose from: Timo Term Deposit offers several flexible terms from 1 month to 18 months
2/ Attractive interest rates: From 5.1% to 7.6% per year
3/ Allow users to open a savings account at only 1.000.000 VND
4/ The number of Term Deposits you can create are unlimited
5/ Suggests and recommends that users split their savings amount into small Term Deposits in order to minimize their interest losses in cases when they have to withdraw a portion of their savings ahead of time.
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From 5th July 2019, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.
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Opening a Term Deposit
In the Main Menu of the Timo app, swipe left at Term Deposit to open a new savings account. After that, enter the amount of money you wish to save and choose a suitable term to see other details related to your Term Deposit, including: annual interest rate, total interest, balance at redeem date. As different terms come with different interest rates, click on different terms to see which balance at redeem date would interest you the most before tapping on Next.
With a large amount of savings, Timo will recommend that you split your Term Deposit into 4 smaller Term Deposits to minimize the interest losses when you have to withdraw some of your money ahead of time. This suggestion will also come with all relevant information you need to know, such as: deposit amount of each Term Deposit, interest on each Term Deposit, total interest, balance at redeem date. As this is only a suggestion, you will be the one who makes the final decision on opening 1 Term Deposit or 4 smaller Term Deposits.
Additionally, upon swiping left at Term Deposit, you can also tap on Interest Rate to see different annual interest rates set for different terms. If there is an annual interest rate that catches your attention, you can also tap on it to open a Term Deposit right away.
Term Deposit Gallery
Once you have at least 1 Term Deposit created, you can tap on the Term Deposit section to see your Term Deposit Gallery. Your Term Deposit Gallery will show every Term Deposit you currently have, as well as the ones you created and already redeemed.
When you want to withdraw your Term Deposit ahead of time, Timo will let you know your earned interest if you withdraw at that time and your earned interest if you withdraw your Term Deposit on your set redeem date. This information will help you to make the right decision for yourself when you plan to withdraw your Term Deposit ahead of time.
As you can see, Timo Term Deposit is built on the basis of ensuring the highest level of profitability for users while maintaining flexibility. Open a Term Deposit now to see if it is actually an ideal solution of earning extra income from your savings. Find out more about Timo Term Deposit here.