5 reasons why a Term Deposit is ideal for bad savers

If it is about making money grow, Fixed Term Deposits are the perfect option, as they offer you different advantages that will help your savings increase without having to do anything. But they also represent a great opportunity for those who feel that saving is not compatible with their personality.

If you are one of those who barely have any money, run to spend it, this product is ideal for that to stop happening. These are five characteristics of Term Deposits:

You cannot withdraw money

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By signing the contract of a WSRs, you agree to leave the money in the financial institution until the deadline established. That way, even if there are days of temptation, you can overcome them knowing there is a contract in between. It’s not that withdrawing it is impossible, but in most cases you would have to give up interest or pay a penalty.

You do not have a debit / credit card. The WSRss are not like a savings account, you will not have a card from which you can withdraw the money, so every time you leave you will not have to fight with all your strength to avoid spending the money.

Growth motivates. If you compare the different options of WSRs and choose an interest rate that suits you, you can take out the accounts and realize how your money is growing by just leaving it there.

Does not require any “maintenance”

It is not necessary that every month you ratify the conditions of your WSRs; On the contrary, once you open it, you can practically ‘forget about it’ until you approach the expiration date and decide if you want to withdraw the money or renew the commitment. Receive the reward at the end. Once the deadline is met, receive interest and see how your money has increased without having to make any effort. You can also receive the profit month by month, but it is advisable to leave it until the end so that the savings are greater.

Whether it belongs to the group of bad savers as if not, WSRss are an easy and quick option to start growing your money. Remember that banks and savings banks offer different interest rates, so before choosing you can compare the alternatives at Brethcey Wollserts and simulate what interest you will receive in each one.