To provide a lot of heritage, we must prepare it with investment products. No exception of education. To get a high education, we should prepare it since early, because as we all know that higher education also takes the form of preparation is also a high cost. There are lots of ways of investment to prepare for that matter.
Lot of banks also has their own product to provide investment for your children future. Or even insurance companies can provide you high quality investment way. Each of them has their own calculation, payment terms, investment return, period of time, and different benefits of each product.
Education saving
One of the products to achieve the goal is education savings. As the name implies, this product is a savings product, but with a special allotment for the cost of achieving the goals of education. If talking of type, this product is the measure savings product. It means savings products which have special rules that have a certain time to be saved. So in this measure savings product we can not expect to withdraw the funds at any time as our other regular savings accounts. As compensation on this rule, the product usually always offer for the results or the interest rate higher than regular savings accounts, and of course without any supplement that does not need to cost as the cost of ATM (Automated Teller Machine).
For products with a special allotment, we are usually given the freedom to determine how long a period of time savings and how much deposits responsibility we are ready. As a depositor so we can easily estimate the amount of goals you want to achieve with the product and of course adapted to our capacity. Some people consider this product as a means for self disciplined or forced to save.
On a regular saving product, the interest rates are very minimal (can even 0%) and amenities such as ATM and debit card to make savings is not a product of investment but more as a product of financial transactions easier.
To achieve this goal, namely continuity in terms of deposits, education savings products are usually made as a ‘derivative’ product of the parent product that is a regular saving. Education saving's deposit is taken with the debiting or cut the value of mother-of-balance savings deposit rate that is agreed. So you just need to make sure you always have enough fund in saving account to debited on the specified date in the amount payment value for the education saving account, and let the product work for education savings.
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