Interest rates are not just random information on your savings account. They determine how much you earn on the money you save and if you’re making the most out of your interest-bearing bank deposits. Rates vary from one bank to another, which means you could be earning less on your savings in one bank while reaping gains on another. According to a recent survey by the Bangko Sentral ng Pilipinas, 15.8 million Filipino adults own bank accounts, and most local banks currently offer less than 1% interest on savings accounts. This is not a far cry from the average yield of 0.08% to 0.09% in the United States, where some major banks even offer yields as low as 0.01%. Fortunately, Dutch financial institution ING Bank is offering a better savings alternative: the ING Savings Account. For a balance of up to P10 million, the ING Savings Account lets you earn 4.0% interest rate per annum — an increase from its 2.5% rate and over 10 times higher than the rates other local … [Read more...] about 5 reasons why you should be interest rate-savvy
Credit cards offering 0 interest
WHEN YOU DON'T HAVE CASH TO PAY FOR BIG-TICKET ITEMS, WHAT OPTIONS DO YOU HAVE? Between replacing your worn-out aircon, switching out a broken-down fridge, repairing your car, and renewing your gym membership, there will be more than a few occasions when you'll need to pay for a big-ticket item. With an array of perks, credit cards are the preferred way to pay for large purchases. However, you should always pay back the amount spent within the statement cycle, lest you incur hefty interest charges. But what if you need to make an expensive purchase, but don't have the money available to pay it off at once? Or if the shop you are buying from a shop that doesn't accept plastic? Don't fret, there are still several alternative payment methods you can use, each with their own pros and cons. To help you make the right choice, here are 4 methods for paying off big-ticket items, ranked in order from best to worst. 1. CREDIT CARD 0 PER CENT INSTALMENT PLAN: RECOMMENDED FOR MOST PURCHASES … [Read more...] about What are the best ways to pay for big-ticket items in Singapore?
Household debt in the fourth quarter of last year rose 6 per cent to Bt12.8 trillion or equivalent to 78.6 per cent of gross domestic product (GDP). Debts in the first quarter of this year have been on the rise as consumer loans have hit a 10.1 per cent increase, a record high in five years, NESDC secretary-general Thosaporn Sirisumphand said. “Debts below 80 per cent of the GDP is an acceptable level, but must be closely monitored,” he said. Household debts may drop in the near future as the central bank has imposed tough measures to keep a check on home loans since April. The central bank designed a so-called loans-to-value (LTV) system to limit loans for second homes or houses purchased for investment purposes, he said. Consumers, however, are having accumulated debts, as they had bought the new homes before the LTV came into effect, while many also fell for deals offered by automakers for new models. Mortgages account for 49.9 per cent of … [Read more...] about Rising household debts could |impact consumer spending: NESDC
PETALING JAYA: Malaysia’s banking system remains stable despite slower economic growth, according to Moody’s Investors Service. In a statement released yesterday, the rating agency said strong loss-absorbing buffers should mitigate a potential rise in credit costs and moderating profitability over the next 12-18 months. “The banks are well positioned to manage the challenges associated with Malaysia’s weakening economy and the vulnerable oil and gas, real estate and construction sectors, supported in particular by strong loan-loss reserves and solid capital ratios,” said Moody’s vice-president and senior credit officer lka Anbarasu. Although a slowdown in trade, private investment and government spending will result in a moderation in gross domestic product growth to 4.4% in 2019 and 4.3% in 2020, it noted that domestic private demand will remain supported by stable employment conditions and wage growth. Malaysia’s economic growth moderated to … [Read more...] about Local banking system stable despite slow growth
MANILA -- Whether you clock in 8 hours, or 10, 12, 14, even gasp, 16 hours every day, you deserve a break on May 1. And since most Filipinos have the day off as Labor Day is a national holiday, why not take the time to do 5 simple things to check on your financial health. Yes, this may sound like a damper on your holiday plans, but there is real urgency behind this. The unemployment rate is inching up and latest data shows its at 5.2 percent as of January 2019. Meanwhile, the population continues to rise and is targeted to go from the 104.92 million recorded in December 2017 to 120 million in 5 years or by 2024. The peso is still weak next to the US dollar, but inflation has finally fallen within government targets of no more than 4 percent range. However, if your money sits in a savings account and the bank pays you a 0.02 percent interest, you don’t need to be a Math genius to know you are losing out. And then there’s the public sentiment that it’s getting harder to … [Read more...] about News This Labor Day, Make Your Money Work Harder For You