Australia: My Experience With The Stock Market - Part 4

Aside from stonks, I was also researching about ETFs (exchange traded funds). It's like mutual funds but no. Then I came across spaceship voyager  then raiz .  If you want to know more about the two, you can refer to this  article . Below is a summary: ­čôîMake sure you understand the product and the risks involved before investing.  Source: Update: I opened an account with Raiz and will do a review after a few months ­čśŐ . If you want to get started, maybe you can use my referral link here  to have  $5 for me, $5 for you! Thanks!   

Bank Deposits & Fees

The common reasons why people put their money in the banks instead of keeping it in their personal safe are:

1) Security - storing all your money at home isn't safe due to unforeseen events such as robbery, floods or fire. With that in mind, when a bank goes bankrupt, any money you put in the bank is protected by PDIC (Philippine Depository Insurance Corporation) only up to P500,000. So make sure that the bank you will be choosing is insured with PDIC.

2) Convenience - you can access it anywhere - ATM, online, use it for shopping or paying bills etc.

3) Saving & Investing - putting your money in banks allows you to save and invest for your goals. Because the interest offered is minimal, they offer other products that can grow your savings such as time deposit and UITF.

Common requirements in opening an account are:

1) ID Pictures (depends on the bank. Usually passport size or 1x1. Have at least 2)
2) Valid Government ID (passport, driver's license, SSS/GSIS ID, Postal ID, PRC ID, OWWA ID, Seaman's book, HDMF/Pag-ibig ID, voter's ID, NBI clearance, TIN ID, Senior citizens's ID among others). Bring at least 2.
3) Utility Bill indicating the address used in the application
4) Initial deposit - below are the initial deposit requirements:
Upon opening of our accounts, we have to take note of the following fees:

*Dormancy fee - collected if there is no bank activity (deposit or withdrawal) within 2 years.
*Early account closure fee - collected if closed within 30 days from opening

**Fees& charges, initial deposit requirements, interest rates may change so make sure to inquire with your chosen bank.

** ITF (In-Trust-For Account 0-18 years old) - NSO, School ID (7 years old above), Picture

If you're going to look at all the above banks, requirements and interest rates are almost or the same. Thus, choose a bank that is within your reach or is accessible in times of emergencies.

Hope it helps! Happy Investing!


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