Innovative Time Deposit Product Pays Interest Every Quarter
Some of the best financial products are quite easy to miss. Take for example this Certificate of Time Deposit product offered by Premiere Bank. Premiere Bank is a rather medium-sized bank with a handful of branches in Metro Manila and the surrounding provinces. As a small bank, you have to compete with the big players for new client and this leads to innovative products being introduced into the market.
Premiere Bank is offering, for a limited time, CTD Flex and CTD Prime, certificate of time deposit products offering market-competitive interest rates and paying interest on a quarterly basis, instead of getting your interest upon maturity as with most time deposit products.
CTD Flex is a five-year and one-day time deposit product, earning 6.5% interest per annum, tax-free, for a minimum placement of P100,000.
CTD Prime on the other hand offers 5.5% interest, subject to taxes, for a minimum placement of P50,000 and a placement period of one year.
Both CTD Flex and CTD Prime come with a personalized ATM card to which the proceeds from interest earnings will be deposited on a quarterly basis.
All in all, I think this is a really good, deal. With their high interest rates, low entry requirements and instant crediting of interest earnings, it would be difficult to find other time deposit products that can top these ones.
Here is a directory of Premiere Bank branches. Find one near you!