June 9, 2008
HSBC Time Deposit
I had recently attended a company seminar on bank loans. The seminar was facilitated by HSBC. Apparently, they’re our company’s banking partner in providing employee loans. I wasn’t really there to loan though– I was more interested in information on their time deposits.
HSBC has a pretty darn good record when it comes to banking services so I asked for information on their time deposits. This came yesterday in the mail:
I’m not sure how the rates work, I still need to talk to someone over there who can give me a more visual look at the earnings. The last time I went to a bank (BPI) to ask about time deposits, I was shown an earning of P315.00 for a short term time deposit of 100k. Hmmm.
On a lighter note, I think the word “TENOR” in this chart means “TENURE”?
My First One Million Pesos 
rOckY said,
June 9, 2008 at 8:47 pm
Time Deposits are nice and sure ways to earn more with your money, but if you’re looking for more aggressive income, this is not the path. remmeber, interest rates are per annum, so the rate they quote you needs to be divided by 12 to get a better idea of the monthly interest.
kimsan23 said,
June 9, 2008 at 8:57 pm
Just the advice I need. The bank rep actually told me that it wasn’t per annum. But of course, judging from past experiences– I had assumed it was gonna be per annum. 🙂
pathtomillion said,
June 13, 2008 at 4:35 pm
i agree with rocky, when you’re trying to invest money (as an entrepreneur) your money would be better of INVESTED ON YOU! making money this way might be good for those who already has lots of money and don’t know what to do with it… for me i’d rather have my money loaned by a friend who has a business, win-win situation, your money grows at a monthly rate of 10% (very modest) and you helped a friend! 🙂
edzmaya said,
June 13, 2008 at 11:01 pm
Hi kimsan23.
Haha. The first time I saw “tenor” in bank charts I’ve always imagined Pavarotti. 🙂
But, then, yeah, it really is “tenor”. I think it means, term or life of a contract, similar to “maturity.” 🙂
kimsan23 said,
June 14, 2008 at 12:51 am
Time to find a good business to invest in then! I’m still planning though to put some money in a good bank account. 🙂
kimsan23 said,
June 14, 2008 at 12:52 am
Yeah I figured out the “tenor” thing too! It was odd.
salve duplito said,
June 23, 2008 at 5:03 pm
Kimsan, nice blog. Time deposits are best for your emergency fund. Don’t invest if you don’t have an emergency fund so tha when you run into a problem, you will not be forced to withdraw your investment even at a loss. Keep writing and good luck!
kimsan23 said,
June 24, 2008 at 3:23 pm
Thanks for the advice Salve! I certainly do have an emergency fund and a separate fund for investments 🙂 Cheers!