All Articles With Category : Sponsored Content

The latest and the best financial news, tips and tricks.

5 Best Ways to Grow Your Extra Savings

Have you ever found a PHP 100 bill tucked inside your favorite jacket’s pocket by chance? There are moments in life where you sometimes get more than what you need. Have you thought about where you can save your extra money instead of spending it immediately? It’s okay if you haven’t. After all, you deserve to treat yourself once in a while. But in the spirit of being practical during a crisis, you can always choose to save and grow your extra money lying around. If you don’t know what to do with it, here’s a list of money saving ideas. Money Saving Ideas to Grow Your Extra Cash Keep It in Your Savings Account Say you saved a few bucks from your recent grocery run. Instead of doing your next online lockdown shopping spree[1], why not keep it in your account? One of the several money saving ideas is to keep your extra money in your low maintaining savings account so it can at least grow a little. Regular savings accounts can earn you up to 0.25% per annum. Open a High-Interest Savings Account But if you want your extra savings to grow faster so you can navigate the new normal better, you need to put it on a high-interest savings account. It’s one of the best money saving ideas because digital banks in the Philippines offer the highest interest rates out there. These rates can go as high as 4% per annum, which will definitely fast track the growth of your money. Take for instance the ING Savings…

Read the Article

Moneymax and CIC Partner to Promote Consumer Rights Amid COVID-19

MANILA, PHILIPPINES – APRIL 2020. The Credit Information Corporation (CIC) partners with Moneymax to educate Filipinos about the importance of having access to one’s credit history. CIC is the Philippines’ government-owned and controlled central credit registry. This is the first partnership between the two companies as they aim to promote financial literacy on credit information in the Philippines. Pushing the importance of accurate credit information CIC tapped Moneymax to help increase awareness of CIC’s role in helping consumers get access to their own credit data and history. Moneymax will publish customized articles, videos, and infographics to educate Filipinos about the importance of credit reports and their right to accurate and reliable credit information. “Our mission is to help Filipinos lead a healthier financial life. Access to credit is an important pillar of a healthy financial life. Financial institutions rely on CIC’s credit reporting database to make decisions on who gets approved for credit. It’s very essential that Filipinos understand what goes into their credit history and improve transparency on credit reporting,” shares Munmun Nath, Moneymax’s Managing Director for Marketing. “The CIC is the only government agency tasked to undertake a continuing nationwide educational campaign to promote the benefits of a credit information system to the economy. As we continue to combat the economic backlash of COVID-19, we need to reach as many Filipinos as possible about the value of responsible borrowing and credit data sharing. This is why we look forward to working with Moneymax on this financial literacy initiative,” says Aileen L. Amor – Bautista, CIC’s SVP for Business…

Read the Article

What are Bank Interest Rates and Why Do They Matter?

When choosing a bank, do you pay close attention to its interest rates? While they seem to barely make any difference, interest rates are not insignificant at all—they’re a crucial part of banking, whether you’re saving or borrowing money. To make the most of your savings, it’s important to understand how bank interest rates work. Here’s everything you need to know about the interest rate on savings accounts, including why you should go for a high-yielding account. What is the Meaning of Interest Rate on a Savings Account? An interest rate is the percentage of your savings that determines how much the bank pays you to keep your money on deposit. When you deposit money in your savings account, you’re lending it to the bank. Your funds are then invested through loans, credit cards, and other financial products. In return, you earn interest on your savings. How to Compute Bank Interest Rates on Savings Generally, banks use the principle of compound interest[1] based on the amount saved and all accumulated interest. Simply put, you’re paid interest on top of the interest you earned previously. To know how bank interest rates work, here’s the general formula for a savings account interest computation: A = P x (1 + R ÷ n)n Where: A = Amount of money in the savings account after interest is paid P = The principal or original account balance R = Interest rate in decimal format (e.g., 0.25% = 0.0025) n = Number of times the bank calculates interest in a year (e.g., interest calculated daily =…

Read the Article

What is a Credit Report and Why Do I Need it?

Are you serious about getting your finances in good shape? If the answer is yes, a document you should be checking is your credit report. If you’ve never seen yours, it’s time to understand what a credit report is and why it’s important in your adult financial life. Here are the basics of credit reports in the Philippines every Filipino needs to know. What is a Credit Report? A credit report is a document that sums up your credit history including your loans and credit card accounts. An objective measure of your ability to repay a debt, it shows how much you owe and how much and when you’ve paid off the debt. What is the Difference Between a Credit Report and a Credit Score? Although they’re both used to assess a borrower’s creditworthiness, a credit report and a credit score are two different things. Don’t confuse one with the other. Your credit report is a detailed account of your credit history, while your credit score is a three-digit number that represents the data in your credit report. Your credit score is calculated based on your credit report. Read more: What is a Credit Score and Why Should I Improve It? How Credit Reporting Works in the Philippines How Your Credit Information is Collected Companies and financial institutions you do business with submit information on your financial transactions, including your payment history, to the Credit Information Corporation (CIC). The CIC is the public credit registry and repository of credit information in the Philippines. Republic Act No. 9510[1] or the Credit…

Read the Article

How the COVID-19 Pandemic is Changing the Way We Bank

If there’s one thing everyone can agree on, it’s that COVID-19 successfully hit the pause button of the entire planet. The world is dealing with a major pandemic years after the last one and once this is over, there will definitely be a new normal—from being more health-conscious to changing the ways we manage our finances online. Now more than ever, the benefits of online banking are hard to ignore. And because of COVID-19, more people will definitely be compelled to apply for an online banking account and manage their finances at home. Here are just some of the ways the global pandemic forced everyone to change the way they bank. Online Banking Transfer It’s not enough to have just one bank account. In fact, you should have an account for every purpose. Balancing two or more bank accounts means you have to do a lot of fund transfers from time to time. And since you can’t go outside to transfer money from one fund to another, having online mobile banking can solve your traditional banking problems. And it’s not limited to your accounts, too. You can easily send money to your loved ones via online fund transfer. Banks even lifted their transfer fees for the meantime so it’s more convenient now to fund any bank account. This will also change the way we deal with remittances as online internet banking won’t require you to fall in line. Read more: 15 Mobile Banking Apps to Manage Your Accounts Better Deposit Check Online Every payday, lines form in front of banks and…

Read the Article

6 Simple Ways to Earn Money While on Lockdown

The global pandemic may have taken away some of your freedom, as most people are now advised to just stay at and work from home. While it is totally understandable to use some of your free time to relax and chill, you might also want to consider exploring more ways to earn money from home. The extra funds may come in handy for a future spend or an emergency. Here are some tips to get you started on opportunities online that will help increase your cashflow: 1. Start an Online Prepaid Loading Business The lockdown has sent most employees working from home, with a sizable number relying on mobile data to try and save money from monthly internet plans. Corner this segment of the market by providing an online loading service. Most mobile wallets offer discounts and cashback on prepaid load, so start advertising your service by telling everyone you know through messaging apps. Read more: 8 Smart Ways to Earn Money Online Using Your Smartphone 2. Find Freelance Jobs Here and Abroad Freelance jobs have become increasingly in demand these days since most countries have already implemented their respective lockdowns. Search for freelance opportunities here and abroad so you can guarantee that you will earn money from home. Popular freelance jobs include blog writing, transcription services, online tutoring, and virtual assistant, among others. 3. Sell Your Old Stuff and Have Them Delivered If you want to declutter and earn money from home at the same time, start selling secondhand items online. You can post your items on popular social…

Read the Article