Do you know how much interest you are getting from your bank?
In Indonesia, for most of the banks (BCA, Mandiri, and BNI) that I know of, if your balance in the saving account is less than Rp 1,000,000, you will earn 0% interest.
If you have money less than Rp 1,000,000 sitting in the bank at the moment, you’d be better off by having the same amount under your bed. Why? Because not only you are not getting anything, but you are losing money through bank charges ranging from Rp 10,000 to Rp 12,000 per month.
What should you do if your saving account’s balance is often under Rp 1,000,000?
Get a saving account with no administration fee!
There are several banks that offer free admin saving account – for example TabunganKu that has limited features such as a maximum of one or two withdrawals per month. Each bank has different terms and conditions for TabunganKu, so please go to the bank official site to get more information.
Personally, I prefer Danamon Lebih when it comes to free admin bank account because not only there is no admin fee, but I can get cash back (max Rp 50,000 per month) from using the debit card when shopping. I also get an ATM card and internet banking facility.
We need to be smart when it comes to our money. Try to get the best deal that suits our needs!
Learn and Grow
Inge Santoso, B Com, CFP®
Note: This is NOT a sponsored post