This article is part of a series, read the previous post here: Comparing Time Deposit Rates of Philippine Banks Part 3
Last week, I went to several banks and asked their time deposit rates for P300,000 placed for 180 days.
My goal was not just to know their current rates, but to also see how well they accommodate investment inquiries; and likewise, to get a glimpse of their own personal finance.
The results are, in general, disappointing.
Most of the bank officers don’t have enough knowledge about their unit investment trust funds. I expected that at the very least, they know their UITF product list and could tell me which ones are conservative, moderate and aggressive investments – but most of them can’t.
Moreover, out of the six, only two have investing experience, which I find surprising given that they work in a place which gives them easy and convenient access to investment information.
Don’t banks encourage their employees to become investors in their own products?
In any case, I believe that bank officers, specially the front desk accounts and sales staff, should have adequate product knowledge and a good financial mindset – because they are the ones whom many ask for basic financial advise.
This is just me, but I think all banks should have the corporate social responsibility to give people sound financial advise when it comes to money management – and this can start by ensuring their bank personnel are knowledgeable on good personal finance habits.
So what can we learn from all these? There are many, but I believe this is the most important…
Which is, if we want to increase our financial literacy, then we should have the initiative to learn by ourselves – this means that we need to be proactive in our quest for financial knowledge.
Bank officers, financial advisers, money gurus and wealth managers are all around, trying to tell us what’s best for our money. Don’t just accept what they say and blindly follow their lead.
Listen to them, but be sure that your financial decisions are always based on balanced information that you’ve acquired from various sources.
For what it’s worth, I believe that a well-rounded understanding of investments and personal finance is a must if we seek financial freedom in our life.
From my research, China Bank currently has the highest time deposit rate at 3.000% pa. But don’t take my word for it, do your own “shopping”. Also, take note that you can usually get higher time deposit rates if you personally visit a branch and inquire.
- Comparing Time Deposit Rates of Philippine Banks Part 1
- Comparing Time Deposit Rates of Philippine Banks Part 2
- Comparing Time Deposit Rates of Philippine Banks Part 3
- Comparing Time Deposit Rates of Philippine Banks: Lessons Learned
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