Why opening a US dollar account should be part of your New Year's resolutions

MANILA, Philippines — Still putting together your final list of New Year’s resolutions for 2024?

Do not forget to include concrete steps that you plan to take to ensure your financial stability not only for the year but for many years to come.

As the saying goes, “strike while the iron is hot.” While you’re young and able and earning substantial income, make sound investments and manage your money well.

When it comes to bank investments, there are time deposits to consider because they offer a higher interest rate than a regular savings account. You should also consider opening a US dollar account, which definitely earns higher interest than a regular peso savings account.

But, as EastWest Bank suggests in a statement, make sure you choose a dollar account with the highest interest rate possible. Whether you’re saving your US dollars for a trip that you are planning to take in the future, using them in other investment ventures like putting up your own business, or keeping them in your portfolio for versatility and diversity, you will be glad to know that you can reclaim some more financial power by putting those dollars to work and making them earn more than just leaving them in a non-interest bearing dollar account.

Find out what different types of US dollar accounts are available in banks within your community. Visit different banks and inquire about their dollar accounts, particularly their interest rates. Some banks offer only regular US dollar accounts. Others offer more versatile packages, such as a combination of savings account and time deposit account, which come at a higher interest rate than a regular one.

Choose a dollar account that allows you to start enjoying its perks at an amount that you can afford. A minimum opening balance requirement of U.S.$200 should be a good way to start. The more you deposit and save in your account, the higher the interest rate per annum goes. A U.S.$500 savings in an EastWest US Dollar Savings Account, for example, affords you an interest rate of 0.125% per annum, which is one of the highest in the country, while a more versatile U.S. Dollar Time Deposit Account of U.S.$1,000 jacks up the interest rate to 0.425% per