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Interest rates are continuously decreasing. With an idle amount of 500 million VND, many people are wondering whether they should still save or withdraw some to buy gold at this time?
After many years of working, saving, and accumulating, Ms. Thu Thuy (Hanoi) has 500 million VND. Ms. Thuy is saving this money in the bank.
However, the interest rate has been continuously decreasing, and September is the deadline for interest payment. Ms. Thuy is calculating whether to continue depositing all the money in the bank or withdraw half of it for investment.
“I am planning to save 300 million VND in the bank and withdraw 200 million VND to buy gold. From now until the end of the year, if the gold price increases more than the current purchase price, I will sell it and wait for the price to decrease and buy again. Is this method okay?” Ms. Thuy wondered.
Perhaps, not only Ms. Thuy but many people who have a few hundred million dong in savings are also thinking and calculating the same thing.
To help Ms. Thuy have more basis to make a decision for herself, we brought her question to an economic expert for more advice.
Hesitating between saving in the bank and buying gold when having 500 million VND
Dr. Nguyen Tri Hieu, a finance and banking expert, said that no matter what investment you make, you must ensure three principles: it must be profitable, capital safety, and the investment must be liquid.
According to Mr. Hieu, depositing money in the bank meets all three of these requirements. At the present time, depositing money in the bank is the safest option.
“In terms of profitability, although bank interest rates are lower than before, they are still good. You can still get an interest rate of 5-7% with an amount of VND500 million at small banks that need capital.
At the same time, you can withdraw money from the bank at any time you need it. Even though you will have to pay a fine, the principal of 500 million VND can be recovered at any time," Mr. Hieu analyzed.
However, this expert believes that the option of dividing this 500 million VND into 300 million VND in savings and 200 million VND to buy gold can also be considered.
According to Mr. Hieu, the US Federal Bank still has the ability to increase interest rates. That interest rate increase will put downward pressure on gold prices and increase the value of the USD.
However, according to his assessment, from now until the end of the year, the world gold price will increase. This will cause the domestic gold price to also increase.
“If you spend 200 million VND out of 500 million VND to buy gold, you can consider it. However, playing with gold is very risky. You have to be someone who has the technique to invest in gold, and has a way to buy gold that can control the risk and loss of value.
I do not recommend buying gold, but you can consider buying gold in addition to saving money in the bank. When the gold price increases, there will be a higher return than saving money in the bank,” Mr. Hieu said.
However, “playing” with gold is riskier than depositing money in a bank. Therefore, this financial and banking expert still recommends that at this time, saving money is still the optimal option for those with relatively small amounts of money.
Commenting on interest rates from now until the end of the year, Associate Professor, Dr. Dinh Trong Thinh, an economic expert, shared that after the State Bank's policy interest rate cuts, deposit interest rates are now quite low. Lending interest rates are also gradually decreasing.
Therefore, according to Mr. Thinh, from now until the end of the year, interest rates will continue to decline, decrease slightly, and then stabilize. Low interest rates are also very good for capital mobilization activities as well as capital costs for the economy and promote economic growth.
According to Vietnamnet
