Metrobank Online: Maximize Your Emergency Fund Through Online Time Deposit
As the bank diversifies into mobile banking through Metrobank Online, it has captured various features that were once available only to those who physically visit the branches.
The general rule on creating an emergency fund is to keep three to six months’ worth of salary for unprecedented expenses.
It has been six months since we felt the weight of the pandemic with the quarantine, and in as early as April, 7.3 million of Filipinos had been left jobless. Sure, many of these sufferers were not able to save the much-needed emergency funds, but it’s not too late for the resilient Filipino to start saving and continue fighting.
One reassuring hand in terms of financial education is Metrobank, whose products and services allow everyone to value the importance of savings and investment.
With a minimum amount of P10,000, clients enrolled in Metrobank Online can open a time deposit without going to the branch and earn a higher gross interest rate per annum of up to 1.625%, much higher than the earning from a regular savings account. You could lock in the fund for a minimum of one month up to 12 months, depending on your financial goals. A time deposit is perfect for conservative investors who have spare money to keep for a long period and want to earn higher interest, but also like to protect their investment amount.
This also means having a growing emergency fund without risking that it may fall in price — like stocks — when you need to withdraw the money. However, the interest rate during the date of time deposit account opening will be applied only upon maturity.
As the bank diversifies into mobile banking through Metrobank Online, it has captured various features that were once available only to those who physically visit the branches. Similar to traditional time deposits, clients may choose from the following modes of payout: (a) payout both principal and interest, (b) auto-roll principal only and payout interest, and (c) auto-roll both principal and interest.
To open an online time deposit, sign up or log in to Metrobank Online and select an enrolled deposit account, then click the Open Time Deposit tile, which appears as an option for enrolled deposits eligible as time deposit settlement account. It will ask for details such as term and payout option, then you will receive notifications via SMS, email, and Metrobank Online inbox, acknowledging the transaction.
The pandemic continues to challenge us to fit into new norms — such as online banking. If there’s one positive thing to appreciate in this massive lockdown, today and in the long term, it’s the importance of saving now sinking into people’s consciousness.
To open a time deposit online, sign up or migrate to Metrobank Online at https://onlinebanking.metrobank.com.ph/