Saving money is a great start. But have you checked how much your savings are actually earning? Here’s how to check your savings rate.
It’s easy to focus on how much you’re putting aside and forget to check what happens to that money once it’s in your account.
Your savings could be earning interest while you go about your day. And when you’re building your financial goals, even a small difference in the rate you earn can be worth paying attention to.
That’s why every now and then, it’s a good idea to take a closer look at your savings rate.
What Is a Savings Rate?
A savings rate refers to the interest rate your bank pays on the money you keep in a savings account.
For example, if your account earns interest, your money can grow over time without you having to make additional deposits every day.
The rate you earn can vary depending on the bank and the type of savings product you use. Some accounts are designed for everyday access, while others may offer different rates in exchange for keeping your money for a fixed period.
Understanding these differences can help you make more informed decisions about where to keep your money.
3 Questions to Ask About Your Savings
Not sure whether it’s time to review your savings? Start with these three questions.
1. Is my money earning interest?
If you’re keeping money in an account, check whether it earns interest and how that interest is calculated and credited.
Knowing how your money earns can help you understand whether your current savings setup aligns with your goals.
2. Am I getting a competitive rate?
Interest rates can vary between banks and financial products. Reviewing your current rate from time to time gives you a chance to see what other options are available.
This doesn’t necessarily mean you need to move your money. It simply means knowing your options.
3. Do I have savings I won’t need right away?
Not all savings need to stay in an everyday account.
If you have money that you’re setting aside for a longer-term goal and don’t expect to use immediately, you may want to explore products designed for longer-term saving, such as a Time Deposit.
The important thing is to match the product to when and how you expect to use your money.
Savings vs. Time Deposits: What’s the Difference?
One way to think about your savings is to separate your money based on its purpose.
Savings accounts can be useful for money you may need regularly. You can keep funds accessible while earning interest.
Time Deposits, on the other hand, are designed for money you can set aside for a specific period. In exchange for keeping your money for the chosen term, you can earn a fixed interest rate based on the product’s terms.
Neither is automatically right for everyone. It depends on your financial goals, how soon you might need the money, and the rates and terms available to you.
Make Your Savings Work for Your Goals
Reviewing your savings rate doesn’t have to mean making a major financial change.
Sometimes, it starts with simply asking:
“What is my money doing for me?”
From there, you can check your current rate, understand how your account earns interest, compare available options, and consider whether some of your savings could work better in a different product.
Explore Your Savings Options with UNO
With #UNOready Savings Account, you can earn up to 3.50% p.a. interest credited daily, while keeping your money accessible for everyday financial needs. You can also send money, pay bills, and shop online.
If you have money you can set aside, UNO also offers Time Deposit options:
#UNOboost lets you earn up to 5.50% interest with a fixed rate for your chosen term, while #UNOearn lets you earn up to 5.00% interest for 2 years with monthly payouts.
Take a closer look at the options available and choose based on your own financial goals, timeline, and needs.
A Smarter Way to Save Starts With Knowing Your Options
You don’t have to wait for a big financial milestone to review your savings.
Whether you’re building an emergency fund, saving for something you want, or simply keeping money aside for the future, it helps to know where your money is and what it’s earning.
So, take a moment to check your savings rate.
Because being UNOsmart isn’t just about saving money. It’s about understanding how your money can work for you.
Explore UNO’s Savings and Time Deposit options today.
Rates and product features are subject to change. Terms and conditions apply.
