How to know if a term deposit is the right option for my finances?

One of the best decisions you can make is to start investing your money. However, not everyone has the same investor profile, which means that not all tools fit their characteristics.

Term Deposit Certificates (Term Deposit)

Term Deposit Certificates (Term Deposit)

Are one of the safest investment options that exists because, if the correct calculation is made, taking into account the taxes that will be paid and the term to which the money will be deposited, there is no risk of lost.

If this option has caught your attention, consider these three indicators to find out if it would be appropriate for your financial profile:

1. Is a conservative investor 

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If you are afraid of losses and prefer not to take risks, a Term Deposit allows you to stay calm, knowing that your money will or will grow. In addition, you are sure of how much money you will earn in interest, as stipulated in the contract.

2. No problems with long-term investments 

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This is a useful tool in the long term. The only way to generate interest that is really considered a profit is to choose to leave the money in the bank for at least one year.

3. You have money that you will not use indefinitely 

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If you know that you will not use a part of your savings, that is, you do not have plans to use them in the long term, you can consider a Term Deposit, since the idea is that the established term is respected in order to reap the profits.

Opening amounts depend on each entity, as well as interest rates and terms. To choose the best conditions, it is advisable to compare the alternatives before choosing. On the web you can find different comparators, including Algernon’s.

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