With the current situation our country is facing, doing one's usual errands like visiting banks is limited. While there are some financial institutions that remain operational, most people would rather stay home where it is safer.
According to ING Bank Senior Economist Nicholas Mapa, the Philippine economy may drop by 0.1% if the Enhanced Community Quarantine in Luzon will be extended until the month of May for economic drivers such as trade, tourism, consumption, and remittances are already declining, therefore affecting several other industries.
With this disruption in the financial market, it would be smart to know ways on how you can still protect and improve your personal finances for future spending purposes.
Here are three tips to help you manage your finances while being safe at home:
1. Keep your money where you can have full access to it
Whether you just need to check your balances, transfer money, or make a deposit, it is important that you have full visibility and control of your money even in the comfort of your own home.
Download your bank's mobile app so you can do your banking errands and track your money 24/7. Make sure that your bank's customer service team is also reachable online or in-app so you can be at ease at all times.
2. Choose a bank that withhold transaction fees
Several traditional banks with large branch networks have started waiving transaction charges for a limited period of time to encourage their customers to go online or use their mobile banking services due to the shorter branch operating hours. Thus, make sure to check your banks' website or social media pages for updates on how you can move your money in a cost-efficient manner for your needs.
Take advantage of the services of some digital banks like ING Bank that does not charge any fees at all. By using the ING Bank mobile app, you can now deposit your check and transfer money to other banks via PESONet without any charge.
3. Remain updated on your bank's interest rate fees
Interest rates on any savings account may fluctuate depending on the economic health of a country and most banks' interest rates typically remain on the low end of approximately 0.25% per annum. The higher the interest rates are, the faster your savings will grow over a period of time, guaranteeing that you can allot for a future spend or an emergency need.
This is something that ING Bank understands, especially at times like this, so all its Savings Account clients will continue to enjoy the 4% interest rate per annum until July 31, 2020, for balances of up to P10 million. This is over 10 times higher than the interest rates of most retail banks.
Do not hesitate to continue setting aside a portion of your money into your savings. Making use of the high interest rate offer for your savings growth can efficiently help you prepare for the future.
Download the ING Philippines Digital Bank app on iOS or Android devices.
Visit ING Philippines on its official website and Facebook page for more information.
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