Money Matters

Fund Your Home Repairs and Renovations With This Time Deposit

The terms are flexible—from 30 days to five years.

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Fund Your Home Repairs and Renovations With This Time Deposit

Owning a home is a dream come true for most people, but it comes with a new set of responsibilities. Every once in a while, you’re going to have to deal with sudden repairs—a leaking roof or old plumbing. You may even consider knocking down walls to expand or add a room. Home repairs and renovations can be heavy on the pocket—unless you start saving up in preparation for these kinds of expenses.

Setting up a home renovation fund could be the answer, but you need to be wise about managing it. Consider putting your money in a time deposit, such as the Peso Time Deposit offered by EastWest Bank. Here’s a quick look at what you need to know about this kind of bank deposit account:

It’s an interest-bearing deposit.

This means your money earns interest for a fixed period of time. And for that fixed period, your money can grow at a higher interest rate than when you put it in a basic savings deposit account.

Its initial deposit starts at P10,000.

For EastWest Bank's Peso Time Deposit, P10,000 is enough to open an account, but the bigger your deposit is and the longer it stays in the bank, the higher the interest rate.

Its terms are flexible.

If it's hard for you to commit to a longer time period, you can opt for a 30-day term. But if you're in it for the long haul, EastWest Bank also offers two- to five-year time deposit placements.

It can easily be pre-terminated.

In the event that you need to withdraw your money before the set time period, EastWest Bank allows pre-termination of your time deposit with minimal fees.

It prioritizes account holders’ concerns.

The bank issues a time-deposit certificate as a confirmation of your placement. It also notifies you of your time deposit’s maturity and makes sure your requests and instructions are carried out properly and in a timely manner.

To know more about Peso Time Deposit and other financial services and products offered by EastWest Bank, visit this link and follow the bank's Facebook page.

This article was created by Summit Storylabs in partnership with EastWest Bank.
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