There are many financial products to help you achieve your financial goals. However, financial planner QM Financial, Honnie Joseph, said that the first step to take is to identify your financial goals.
"Prior to opening savings account, you should know the answer to basic question such as your financial goals,” he said on his official website.
Honnie gave an example, if you save for a down payment of Rp30 million to purchase a car that will be used in 2 years, you must then save Rp1.5 million per month to achieve the goal.
Tabungan berjangka is a more appropriate financial product compared to regular savings and here’s why.
This savings product ‘forces’ you to regularly save every month through an auto debit feature. And, therefore, you will be able to overcome all the bad habits such as ‘too lazy to make a deposit’, forget to transfer, money already spent, or other reasons.
Interest Rates is Relatively Higher
In several banks, interest rate for this specific savings product is relatively higher than those of regular savings. At BCA, for example, interest ranges from 2.75% to 3.75%, depending on the length of time over which it is deposited and the amount of monthly deposit. In fact, if you regularly deposit at least Rp1 million for 24 months, you will get special souvenirs.
For this type of savings, you will automatically be insured. For example, in case of accident, you will get a maximum sum assured of Rp750 million.
Protected by Deposit Insurance Company (LPS)
This type of savings is protected and guaranteed by LPS so that depositors are not subject to loss in the event of bank is liquidated.