Many Filipinos have used their time during the quarantine to get started on their investment journey. Several local banks have seen a surge in new customers who now appreciate the need to have savings and investments to keep them financially prepared for unforeseen circumstances.
At Bank of the Philippine Islands (BPI), the Maxi-Saver Savings portfolio has shown double digit growth.
“One of the factors that keeps the ordinary Pinoy from investing is not having enough cash on hand to cover the initial investment amount,” says Carmina Marquez, BPI Head of Deposits.
“This is something that you have to plan and prepare for, so that when a good investment opportunity comes along, you have enough savings to turn that opportunity into a tangible asset”
BPI Maxi-Saver depositors earn higher-than-average interest on their savings while waiting for the right time to invest their funds for even better returns.
“Our Maxi-Saver account is a pseudo-time deposit, giving account holders guaranteed interest earnings that are much better than what they would get in a regular deposit account. Unlike a time deposit, there is no minimum holding period nor pre-termination fees, so a depositor can access funds when they need to – whether it’s for investment or for an emergency,” says Marquez.