Currently there are different "deposit products" that serve as support to know what are the highest interest rates in the world. that can help you get some of the highest interest rates in the world. It is good to be aware of the classification of these terms to evaluate the terrain before carrying out any operation.
You should be clear that the terms may vary depending on the entity. An example can be time deposits, time deposits and certified deposits, which mean the same thing.
Saving
Most savings deposits have relatively low interest rates. This is due to its function, which is to deposit money so that it becomes a savings fund. Sometimes some banks tend to restrict the amount of withdrawals per month on these types of accounts.
The fact that it represents low interest rates makes it a good strategy for those who want to have their money stored in an easily accessible account, without fear that their money will erode due to inflation.
Short term deposit
As the name implies, the time periods for these deposits are usually comprised in a period between one and twelve months. Your interest rate is above your savings deposits, yet they remain low.
These deposits have a different advantage than the rest, and that is that, when requested for a short period of time, it generates a return with your money since it maintains its liquidity.
Long term deposit
The minimum time for these deposits can last between 1 and 5 years. They are ranked among the highest interest rates in the world. These are suitable for those who plan to save over a long period of time. You must be aware of all the terms and conditions before making any deposit.
If for any reason you want to make a withdrawal of money from the deposit you have made before the stipulated date, you should know that the penalties for these withdrawals can be high, and, in some cases, they can even consume your initial capital.
Deposit at sight
These offer the option of requesting your money when you need it. Consequently, you receive a much lower interest rate. They tend to be higher than what can be achieved with savings accounts.
The public to whom this type of deposits is directed are generally people who have the disposition of a large amount of funds to be deposited.
Other products
Depending on the country that wants to open an account, it is feasible that extra variations of term deposits are offered. These have the possibility of integrating anyone into:
-Variable rate
-Brokered
-Zero coupon
-Linked to the index
-Low balance
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