Introduction: As they get older, older people play an important role in making money in the bank. However, they also face some risks and challenges. The bank manager reminds seniors over the age of 60 to remember five important points. This article will detail these points and give more advice to help seniors better manage their savings and protect their assets.
Older people tend to be more easily fooled when dealing with bank staff, so one should not place too much faith in their advice and recommendations. For example, when faced with a drop in deposit rates, some staff may recommend high-yield bank wealth management products to the elderly, who may be misled into believing that this is a bank fixed deposit product. Therefore, when saving money, the elderly should be clear about whether they are buying fixed deposits or wealth management products, and carefully consider investment options.
Rich advice: When communicating with bank staff, the elderly should try to consult as many staff as possible to understand the advantages and disadvantages of different products, and discuss them with family or friends. In addition, develop the Xi of reading more financial literacy and understand the latest investment products and interest rate dynamics so that you can make informed decisions.
Currently, some seniors choose to deposit their money in small and medium-sized banks, which typically offer higher interest rates than large state-owned banks. However, the risk of bankruptcy of small and medium-sized banks has also increased due to poor management or other reasons. In order to diversify the risk, the elderly should spread their funds in several banks, with no more than 500,000 yuan in each bank. In this way, even if a bank goes bankrupt, the elderly depositor will still be able to receive full compensation.
Rich suggestions: When choosing bank deposits, the elderly can refer to the credit rating of some independent rating agencies on banks and choose banks with good credit. In addition, it is also important to understand the capital adequacy ratio and operating conditions of banks, and for small and medium-sized banks, it is necessary to pay more attention to their economic strength and risk control capabilities.
Some older people like to show off the amount of their savings to relatives and friends, which often stimulates greed and the desire to borrow money from others. If you refuse to borrow, it may lead to a deterioration of the relationship with the person, or even a dispute. In addition, some older people will disclose their savings information to their children, and the children may find ways to get money from the elderly. Therefore, the elderly should keep a low profile and not easily disclose their personal savings information to others.
Rich suggestions: The elderly should learn to refuse and avoid other people's loan requests, maintain a good relationship with relatives and friends, and gradually educate their children on the correct concept of money and management methods. In addition, seniors can also consider setting up a trust or escrow account to manage their funds by trusted relatives, friends or professional institutions to better protect their assets.
Many seniors want to earn higher interest rates by opting for longer deposit terms. However, a longer deposit period also means that the funds are less liquid. If the elderly need money in an emergency during the deposit period, they can only choose to withdraw it early, and the deposit interest rate will be calculated as the current interest rate. Therefore, the elderly should take into account the deposit interest rate and the liquidity of funds when choosing the deposit term, and generally speaking, the term of 1-2 years is more appropriate.
Rich suggestions: The elderly can reasonably arrange the deposit period according to their own capital needs and risk tolerance. If the financial situation is relatively stable, the deposit period can be extended appropriately to obtain better returns. However, if you have some uncertain spending plans or urgent needs, you should choose a shorter-term deposit product to provide easy access to funds at any time.
Some seniors opt for the auto-rollover feature when depositing money to save the hassle of going to the bank again. However, there are some drawbacks to autodumping. First of all, the interest rate for automatic rollover is usually lower than the interest rate for over-the-counter deposits. Secondly, the automatic rollover only carries over the previously agreed deposit amount, and the interest will be counted as a demand deposit. In addition, opting for automatic rollover also means that you can't keep up to date with the bank's investment information, and you may miss out on some better investment opportunities.
Rich suggestions: The elderly should comprehensively consider the pros and cons of automatic rollover when saving, and can compare the deposit interest rates of different methods when choosing, and weigh the convenience brought by automatic rollover and the possible loss of income. Choose from more flexible deposit methods, such as Smart Deposit, for better management and control of your funds.
Summary: Seniors over the age of 60 need to be vigilant when it comes to savings, keeping in mind the five points that bank managers have reminded them of. Don't trust the bank staff too much, spread the deposit risk, don't disclose the deposit information to others, arrange the deposit period reasonably, and don't rely too much on the automatic rollover function. Only by properly managing their savings can seniors better protect their assets and achieve financial freedom and peace of mind.
Conclusion: As the main group of bank deposits, the elderly need to pay special attention to protecting their property and rights. In the face of various deposit schemes and financial products, the elderly should remain calm, not be confused by false promises, fully understand the risks and benefits of the products, consult and compare with multiple parties, and improve their financial literacy. In addition, the elderly should also maintain good communication and trust with family members and relatives and friends, properly handle financial relationships with others, and avoid hurting feelings due to money disputes. Only with proper financial management and protection can seniors live their retirement with peace of mind and happiness. Let us work together to take care of the property safety of the elderly and provide them with better protection and care in their old age.