After the Spring Festival, everyone’s wallets have shrunk a lot, and saving money has become the “top priority.” For most people, putting money in the bank is still the first choice for financial management. Although there are many high-yield financial products on the market, everyone knows that high returns are often accompanied by high risks.
In addition, in order to attract deposits, banks will also launch some high-interest deposit products, such as street stall interest-bearing products, certificates of deposit, etc., which are not only safe, but also have high returns, and are favored by many depositors. .
What are interest-bearing products? We know that if a time deposit is withdrawn in advance, interest can only be calculated on a current basis. The difference between fixed deposits and time deposits is that as long as there is a certain deposit period, you can get a certain amount of time deposit interest even if you withdraw it in advance.
For example, if the original agreed deposit period is 3 years, and you withdraw it in advance when you are 2 years old, you can get 2 years of time deposit interest. From this perspective, interest-bearing products are still very friendly to savers, as they can not only guarantee higher returns but also provide financial flexibility.
However, with the arrival of 2021, many changes have taken place - this deposit has been "cleared". Why?
Previously, six major state-owned banks including China Merchants Bank and China Post announced at the same time that starting from January 1, 2021, interest on interest-bearing products that are withdrawn in advance will be calculated on a current basis. This also means that depositors will lose a lot of interest if they want to withdraw their deposits early with interest.
Take a certificate of deposit worth 200,000 yuan as an example. If you originally agreed to save for 3 years, you would withdraw it in advance after 2 years. If the interest rate on a 2-year certificate of deposit is 2.6%, the interest is 10,400 yuan. After canceling the interest calculation by grade, the interest can only be calculated according to the current interest rate of 0.3%, and the interest is suddenly reduced by 9,200 yuan!
This is undoubtedly difficult for many savers to accept. In order to improve performance, the bank launched a "monthly interest payment" product. Although early withdrawal can only pay interest according to the current interest rate, it can meet part of the fund needs of savers to a certain extent, so it is also welcomed by many savers.
But now, "monthly interest" is also facing an "end". According to regulatory requirements, Bank of Communications, Industrial and Commercial Bank of China, Bank of Jiangsu, etc. The sale of monthly interest products, including monthly interest certificates of deposit, has been discontinued.
So what happens to the interests of savers when these products are discontinued?
Industry insiders said that the interest rates of old customers who have purchased such products should not be affected, but such regular interest payment products may gradually go offline. Many small and medium-sized banks and private banks in the market promote them. Regular interest-paying portfolio deposits and short-term innovative deposits will also be "changed".
It stands to reason that such products can allow savers to obtain higher interest rates and attract more deposits to banks, which is a win-win situation. Why "stop"?
In fact, as early as February 8, a relevant report issued by the central bank pointed out that in order to absorb deposits, some financial institutions issued products such as regular interest payment and registration interest calculation, which not only significantly exceeded the deposit interest rate in the same period, but also It also violates the regulations that "withdrawal of time deposits in advance will accrue interest based on current demand"
In other words, these products are actually illegal. Banks have to pay high interest rates to attract deposits and ensure profits, so they have to raise Loan interest rates, corporate financing costs will become higher. Therefore, the central bank's suspension of such deposits will help reduce the cost of bank deposits, thereby reducing corporate financing costs.
So we savers should pay attention when saving money in the future. In addition to interest rates, you must also consider the liquidity of funds and choose an appropriate term. If you choose a time deposit with a longer term for higher interest, you may lose a lot of interest if you withdraw it early.