Time Deposit is good if you really want to save because you cannot withdraw it anytime. It is better than saving your money in regular savings because Time Deposit offer higher interest rate. It also serves as my emergency fund. My first experience of Time deposit was year 2006 then I withdraw it year 2008 few months before I gave birth because I need money to buy baby stuff. It was an early withdrawal so I incurred penalty.
It is not difficult to apply for Time Deposit, just visit your bank and apply. Bank staff will just ask you if you have present account, then choose among the available terms: 35, 62, or 91 days and choose between two interest payment options: Credit interest to your deposit account at the end of the term, or add the interest back to your principal.
I chose 91 days and add the interest back to my principal for higher interest rate and gain. After several minutes, bank staff gave me my Time Deposit Certificate.
As low as P10,000 you can apply for Time Deposit and as low as P1,000 you can apply Time Deposit Online but there’s no certificate. (depends on the bank)