Are there SMS notifications for automatic bank transfers?

After the fixed deposit expires, there will be a text message notification for automatic transfer. Although the starting amount of SMS notifications varies from bank to bank, there will be no notification for automatic transfer of time deposits.

1. Basic information on deposits

Deposits refer to the temporary transfer or storage of funds or currencies in banks or other financial institutions by depositors while retaining ownership, or the transfer of the right to use them. The temporary transfer of funds or currency to banks or other financial institutions is the most basic and important financial behavior or activity, and it is also the most important source of credit funds for banks.

Deposits are one of the most basic businesses of a bank. Without deposits, there would be no loans, and there would be no bank. Judging from the time of creation, deposits predate banks. In China, during the Tang Dynasty, there were special counters for collecting and keeping money. Depositors could pay money with check-like "stickers" or other tokens. Money changers that appeared in Europe in the Middle Ages also accepted deposits from customers. They were money custodians and did not pay interest. They were the germination of foreign bank deposits. With the emergence of banks and other financial institutions, banks' deposit business has developed rapidly.

2. Common deposit tips

1. Saving money just for convenience is definitely not cost-effective

Some people spend thousands or even more just for the convenience of withdrawal. It is certainly not advisable to deposit ten thousand yuan in current deposits. The annual interest rate for demand deposits is 0.36, the one-year annual interest rate is 2.25, the three-year annual interest rate is 3.33, and the five-year annual interest rate is 3.60. Taking 50,000 yuan as an example, after deducting the interest tax, the deposit interest obtained in three years is about 3,024 yuan, and the interest obtained in five years is about 5,580 yuan. If this 50,000 yuan is deposited as a current deposit, it will only be 288 yuan a year. The interest rate is only about 1,000 yuan even if you save it for three years. It can be seen that for the same 50,000 yuan, the deposit period is the same but the deposit method is different, the interest gap between the three-year current deposit and the three-year fixed deposit is still not small.

2. The longer the deposit period, the more cost-effective it is.

But it does not mean that the longer the deposit period, the more cost-effective it is. In order to get more interest, many people concentrate large deposits into three-year and five-year terms, without carefully considering their expected use time, and blindly save all the remaining money for the long term. If they need money urgently, apply for If you withdraw money in advance, the phenomenon of "the longer the deposit period is, the more you will suffer in interest". In response to this situation, the bank stipulates that interest on the portion withdrawn in advance will be calculated on a current basis, and interest on the portion not withdrawn in advance will still be calculated on the original interest rate. Therefore, individuals should 3. choose the deposit period and type according to their different circumstances.

From the perspective of deposit interest rates, it is better to choose short-term time deposits. On the one hand, the length of the deposit period has little impact on interest rates. The difference between the one-year deposit interest rate and the five-year deposit interest rate is only 0.675‰ per month. On the other hand, deposit interest rates are now at historically low levels, and there is little room for interest rates to fall again. If interest rates rise in the future, if you choose long-term deposits, you will be unable to enjoy higher interest rates when interest rates rise, and you will suffer losses. Short-term deposits are highly liquid and can be re-deposited immediately after maturity.

4. The "snowball" method of saving money is more cost-effective

In terms of specific operations, you might as well adopt a clever method. You can put the remaining money at home into a one-year fixed deposit every month. After one year, I have exactly 12 deposit certificates in my hand. In this way, no matter which month you need money urgently, you can withdraw the due deposit of that month. If you don’t need the money, you can transfer the matured deposit together with the interest and the remaining money on hand to a regular deposit for one year. This "snowball" method of saving money 5. Ensures that you will not lose the opportunity to manage your finances.

Banks have launched automatic transfer services. When saving, you should make an agreement with the bank for automatic transfer. On the one hand, this will avoid the loss of not transferring the deposit in time after the maturity of the deposit, and the overdue portion will be calculated as current interest; on the other hand, if the interest rate drops shortly after the deposit matures, if there is no agreement to automatically transfer the deposit, the deposit will be re-deposited. If the deposit is automatically transferred, interest will be calculated at the higher interest rate before the adjustment. If the interest rate increases after maturity, you can also withdraw it and then deposit it again.