Choice of profitable savings (so that the management fee does not bottom out)

    hello everyone. This video explains why our money is commonly consumed by administrative costs when we save in our savings account. We will also discuss some other ways you can grow your money even if it is kept in your savings account.

    I hope that after watching this video, you will be able to make monthly profits from the money stored in your savings account. Before proceeding, don't forget to subscribe for other financial tips you can put into practice. First, what is a savings account? To answer this, we need to look at the types of accounts you can have at a bank. There are regular deposits, current deposits, and fixed deposits.

Choice of profitable savings (so that the management fee does not bottom out)

    When it comes to deposits, our money is seized. For example, you cannot withdraw for a month or a year, but the interest is higher. When a checking account is used for business transactions, it usually has no interest, but has free transaction fees and features such as checks and bilyet giro. A savings account balance or what is sometimes called an ATM account is for savings and usually charges a small amount of interest to save money for everyday use. To withdraw cash Get an ATM card and withdraw money easily.

    The best strategy is to invest most of your money in, for example, stocks, mutual funds, gold, etc., but you also need savings to save cash for your day-to-day trading. , the bank definitely has some of our money. savings account.

    But you know what happens to our money. If you put it in a savings account, the money won't stop, it will run out. Here are some examples of what happens when you leave money in savings. In the first example, the savings he left behind for eight years is reduced by one million. In the second case study, the account is held for 4 years by him instead of 5 million. Here is an example where the money is stored for 4 years when you check again that it has been used up. why can this happen? Because there are fees and interest.

    Check your online banking. A fee or administration fee will be charged. The total is usually around Rp. 15,000 and the interest is almost non-existent. There are many other fees as well. Below the minimum balance. Transfers to other banks are subject to fees, and withdrawals from other banks' ATMs are also subject to fees. How much is the savings fee? You can check the websites of his three big banks in Indonesia namely his BRI, BCA and Mandiri.

    There is usually an administration fee of around IDR 15,000 and a minimum balance penalty of IDR. 5,000 rupiah and may be subject to another fine for inactivity. You will be charged $5,000 each month. That means you have to pay more than that amount to the bank each month. Where is the interest at Rp 20,000? If we put money in the bank, the bank will have to pay us interest. Take another look at your bank's website. That's right, we know that if our money is less than 1 million, the interest is 0, and even if our money is 50 million, the interest is only 0.1-0.2%. The money is eaten up by the administrative costs, and the interest is not enough, so it's okay for people to run out of money. So why do people want to be like this? maybe.

    We are used to using banks that we have had for a long time, it is cumbersome to understand, cumbersome to open accounts, cumbersome to install various m-banking solutions. Also, getting a new account number is a hassle. In fact, there have been many innovations in the banking sector, with many banks waiving administration and transfer fees and paying fair interest to their customers.

    For a couple of years now, I've already had the new standard for savings accounts. That means you should be able to open an account on your phone while sitting on the couch in front of your TV. Second, there should be no minimum balance fines or inactivity fines, ie whether you use them or not. It's up to me I don't want to pay the fine because I have no balance. Third, no transfer fees and ATM withdrawals are required. Transfers should be free everywhere, and cash withdrawals from other banks' ATMs are free of charge. Fourth, there are no monthly fees such as administration fees or ATM card fees.

    In fact, there are quite a few bank savings accounts that meet these criteria, but only two are featured in this video. The first is UOB's TMRW and the second is BTPN's Jenius. Neither of them are fully online on their mobile phones, so you may already have an account by simply downloading the app, taking a picture of your e-KTP, and confirming it via video call. The debit card was sent directly to my home.

    Then there aren't anyt any admin prices and month-to-month ATM card prices, so there is no such thing. I ought to pay IDR 15,000/month to the financial institution, then I also can switch and withdraw ATMs for free. Even aleven though there are conditions, yes. , the stability should be no less than one million, for example, however so I've in no way queued at an ATM anymore due to the fact I can without delay withdraw at any ATM and the maximum vital hobby for me is quite fair, TMRW and Jenius are the equal 4% hobby, this means that it is more from ten instances the hobby withinside the antique financial savings and due to the fact I use those financial savings accounts, each month I can get hobby from saving may be visible in my UOB TMRW, the stability is round six million I get 21,000 consistent with month and from Jenius I normally get 500,000 consistent with month with stability is round one hundred million And that is all I do not pay for this admin charge whose call is cash works for us, even at the same time as napping our cash should keep growing so reflect onconsideration on it k-well, we will choose, can we need the financial institution to present us cash each month, or can we ought to pay it to the financial institution each month? Maybe it is like a small amount, however as I established earlier.

    If it takes years, it can grow over time. Finally, we will try to answer the frequently asked question as to the justification for all administration fees and fines. If everything is free, what are the benefits for the bank? We can answer by looking at the bank's financial statements. For example, use the example from his 2019 Annual Report for BCA. Interest and administration fees are displayed. Yes, in 2019 his BCA earnings were 71 trillion and interest was 50 trillion. 21 trillion off non-interest. After all, revenue cost is 28 trillion.

    First, on the interest side, we can see that total savings balances at BCA have increased by 9% since 2019. This means that more and more people are saving in the BCA and their savings balances are growing, but interestingly, the total interest paid means that the interest paid on savings in 2019 was about 1.8. It's a sign. Compare that to his nearly $50 trillion in interest that BCA earned on loans like mortgages and business loans.

    So even if the interest rate on savings were raised, net interest income would still be in the tens of trillions. Next, check the administration fee. Yes, non-interest income. Customer deposit income here includes management fees and totals only about $4 trillion. So even if all management fees were removed, all banking costs would be covered, plus a profit of over $25 trillion. Don't worry. Banks are always profitable. Many banks have proven to offer free administration fees and fair interest rates. As intelligent customers, we need to be able to research with an open mind and find the most profitable products.

    In summary, savings are initially used for savings and daily cash needs, but at lower interest rates than deposits. Second, it eliminates the assumptions and paradigms that savings accounts require management fees and require different types of fines. There are so many innovations in the banking industry today that assumptions no longer apply and something new has to be tried.

    That means you should be able to grow your money while you sleep, so look for fair interest savings to grow your money each month. Fourth, we don't have to worry about where banks can make money. Because banks are still making big profits. Finding the most profitable products has also become our own financial obligation. try it. We've linked all the savings products we've reviewed here.If you have any questions or suggestions about the following topics, write them in the comments section below.

    Created Instagram. You can follow the latest investment information for beginners. The link is below. Don't forget to like and subscribe. For more information, watch the video on deposits below. I show you how to make it, how to withdraw it and on my channel there are many other topics related to finance and other investments like stocks and mutual funds.Thanks a lot!

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