What Are Futures Savings? Get To Know Various Benefits For Customers

Saving illustration at the bank (Photo from Antara)

YOGYAKARTA - Futures savings is one of the savings products provided by the bank. What is futures savings? The general term, future savings are types of savings with a certain period of time that are longer than ordinary savings.

Futures savings is presented by banks to make it easier for customers to store and manage their finances. Especially for customers who want to save for future or long-term needs.

This type of savings is also a solution to deal with spending temptation. By utilizing futures savings, you can save more discipline and maintain more stable finances and not wasteful expenses.

Long-term savings are the types of savings provided by the bank for long-term saving purposes. Futures savings applies a certain period of time savings system and interest is more than ordinary savings. In addition, future savings are also equipped with insurance benefits.

When taking term savings services, customers pay certain amounts of funds or are withdrawn from their accounts every month. Transactions can apply an auto debit system or automatically.

Generally, the period of time in term savings is 6 months to 20 years. With future savings, customers have an obligation to save regularly according to the agreed time.

In futures of savings, customers are not allowed to withdraw savings funds before due. The money saved by the customer in the savings can only be withdrawn at the end of the deposit period or due date. If the customer insists on taking the money before it matures, the customer will be penalized.

Long-term savings are chosen by customers because they have many benefits. Here are the advantages that customers will get when using long-term savings.

One of the advantages of term savings is the high interest rate. This factor makes many people take futures savings services. Every month, the bank will charge the highest interest rates so that your savings always increase over time.

Interest rates in term savings can reach four to five percent higher per year than usual savings. So the longer you save, the higher the results you get.

Another advantage of futures savings is an affordable or lower initial deposit. The first deposit for term savings and routine deposits is low compared to deposits. For example, you can provide an initial deposit of IDR 100,000 to IDR 500 thousand.

Although the nominal is fairly small, if you save regularly every month, you can collect more money. Especially considering that the term savings interest rate is quite high.

Saving in a bank is guaranteed to be safe from various risks rather than keeping banknotes physically. You also don't need to bring a lot of cash when you deposit funds to save. The existence of auto debit and mobile banking features allows you to save without having to go to the bank. In addition, the legality of the bank is already registered with the Deposit Insurance Corporation (LPS).

Another advantage that you will get from futures savings is that you can get insurance. When choosing futures savings, you will usually be offered other insurance services. Each bank usually has services with different details. You can choose according to your needs.

That's a review of what future savings and various benefits are. Futures savings offers many advantages so that many adults who are married and young people are chosen.

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