Bank of China, one of the four major state-owned banks in mainland China, has been placed in Group 4 in the 2023 China Systemically Important Banks group, along with ICBC, Agricultural Bank of China, and China Construction Bank, which is currently the highest group (Group 5 is not available for the time being).
For the majority of depositors, depositing money in the Bank of China does not need to worry about not getting back the principal and interest at maturity, of course, you have to make sure that you are buying deposits or large certificates of deposit, rather than wealth management products, funds and other risky financial products.
On the 22nd of this month, the Bank of China announced that it would lower the interest rates on fixed deposits and large-amount certificates of deposit, and that all deposits deposited with the Bank of China after this date will be subject to the new interest rate.
120,000 yuan deposited in the Bank of China demand deposit, how much interest after five years
The annualized interest rate of Bank of China's demand deposit is 0.2%, and the deposit interest rate has not been lowered for the time being. The interest of $120,000 deposited into a demand deposit after five years of maturity is:
120,000 * 0.2% * 5 = 1,200 yuan
120,000 yuan was deposited for 5 years to get 1,200 yuan of interest, which is indeed too low, mainly because the annualized interest rate of the current deposit of the Bank of China is very low, and it is not recommended to deposit 120,000 yuan into the demand deposit for a long time.
120,000 yuan deposited in a fixed deposit with Bank of China, how much interest will there be after five years
Time deposits are the most familiar financial investment method for most people, and Bank of China's fixed deposits are divided into six categories according to different maturities, and the annualized interest rates of listed deposits have been lowered this month, and the interest rates of deposits of different maturities have decreased differently, ranging from 0.1% to 0.25%.
1. Three-month fixed deposit
The annualized interest rate of the three-month fixed deposit of Bank of China has decreased by 0.1%, and the latest annualized interest rate is 1.15%, and the accumulated interest of 120,000 yuan has been deposited for many times, and the accumulated interest for five years is:
120,000 * 1.15% * 5 = 6,900 yuan
2. Six-month fixed deposit
The annualized interest rate of the six-month fixed deposit of Bank of China has decreased by 0.1%, and the latest annualized interest rate is 1.35%, and the accumulated interest of 120,000 yuan has been deposited many times, and the accumulated interest for five years is:
120,000 * 1.35% * 5 = 8,100 yuan
3. One-year fixed deposit
The annualized interest rate of the one-year fixed deposit of Bank of China has decreased by 0.1%, and the latest annualized interest rate is 1.45%, and the accumulated interest of 120,000 yuan has been deposited for many times, and the accumulated interest for five years is:
120,000 * 1.45% * 5 = 8,700 yuan
4. Two-year fixed deposits
The annualized interest rate of the two-year fixed deposit of Bank of China has decreased by 0.2%, the latest annualized interest rate is 1.65%, and the deposit of 120,000 yuan into the three-year fixed deposit for three years is six years, more than five years, we first calculate the full interest and then convert it into five years of interest:
120,000 * 1.65% * 6 = 11,880 yuan, and the accumulated interest for five years is 9,900 yuan
5. Three-year fixed deposit
The annualized interest rate of the three-year fixed deposit of Bank of China has dropped by 0.25%, and the latest annualized interest rate is 1.95%, and the deposit of 120,000 yuan into two three-year fixed deposits is six years, more than five years, we first calculate all the interest and then convert it into five years of interest:
120,000 * 1.95% * 6 = 14,040 yuan, and the accumulated interest for five years is 11,770 yuan
6. Five-year term deposit
The annualized interest rate of the five-year fixed deposit of Bank of China has decreased by 0.25%, and the latest annualized interest rate is 2%, and the five-year cumulative interest rate of 120,000 yuan deposited is:
120,000 * 2% * 5 = 12,000 yuan
120,000 yuan to buy a large certificate of deposit from the Bank of China, how much interest will there be after five years
Bank of China's annualized interest rate on large-denomination certificates of deposit is relatively high, requiring a one-time purchase of more than 200,000 yuan. If the 120,000 yuan does not meet the target, we can raise 200,000 yuan with relatives and friends and then buy it, and share the interest according to the proportion of the investment principal after maturity.
Certificates of deposit are divided into six categories according to the tenor, namely one-month, three-month, six-month, one-year, two-year and three-year, and the interest is calculated as follows.
1. One-month and three-month certificates of deposit
The annualized interest rate of Bank of China's one-month and three-month large-denomination certificates of deposit is the same, both of which are 1.5%, a decrease of 0.1%, and 120,000 yuan has been deposited for many times in a row, and the accumulated interest for five years is:
120,000 * 1.5% * 5 = 9,000 yuan.
2. Six-month certificates of deposit
The latest annualized interest rate of Bank of China's six-month large-denomination certificate of deposit is 1.6%, which has been reduced by 0.1%, and the interest that can be obtained after five years for 120,000 yuan to buy this large-denomination certificate of deposit for many times is:
120,000 * 1.6% * 5 = 9,600 yuan.
3. One-year certificates of deposit
The latest annualized interest rate of the one-year large-amount certificate of deposit of the Bank of China is 1.8%, which has been reduced by 0.1%, and the interest that can be obtained after five years for 120,000 yuan to purchase this large-amount certificate of deposit for many times is:
120,000 * 1.8% * 5 = 10,800 yuan.
4. Two-year certificates of deposit
The latest annualized interest rate of the Bank of China's two-year large-denomination certificate of deposit is 1.9%, which has been reduced by 0.25%, and 120,000 yuan is deposited into the three-year two-year large-denomination certificate of deposit for six years, more than five years, we first calculate the full interest and then convert it into five-year interest:
120,000 * 1.9% * 6 = 13,680 yuan, and the accumulated interest for five years is 11,400 yuan
5. Three-year certificates of deposit
The latest annualized interest rate of Bank of China's three-year large-denomination certificates of deposit is 2.35%, which has been reduced by 0.3%, and 120,000 yuan deposited into two three-year large-denomination certificates of deposit is six years, more than five years, we first calculate all the interest and then convert it into five-year interest:
120,000 * 2.35% * 6 = 16,920 yuan, and the accumulated interest for five years is 14,100 yuan
Wealth management products and insurance are not that they cannot be bought, but that they must accept potential risks
After the interest rate cut, the yield of fixed deposits and large certificates of deposit is indeed much lower than before, are there any financial products with higher yields? The answer is yes, but it is not necessarily suitable for every investor.
For example, the expected rate of return of wealth management products is higher than that of savings products. However, the expected rate of return is different from the actual rate of return, the former is based on historical data speculation, only when the market is good can reach the interest rate on the product manual when purchasing wealth management; on the contrary, the actual rate of return will be lower than the expected rate of return, and in the worst case, the principal will be lost.
For another example, the very popular increased whole life insurance is a kind of savings insurance, which has both protection and investment and financial management functions. The annual interest rate is not low, reaching between 3% and 3.5%, and no matter how much the bank cuts the interest rate in the future, it can guarantee that the interest rate will remain unchanged until the maturity of the product.
For people who have money to spare and are sure that they won't use it for many years to come, an increased whole life is a good investment option. However, if the family does not have much wealth and may need to use money at any time, then savings insurance is not very suitable, because this thing is not like a fixed deposit, which will only lose interest if withdrawn in advance, and there is a closed period, and it cannot be taken out without maturity after buying insurance.
Generally speaking, the investment period is as long as 15-20 years, which is not suitable for short- to medium-term financial management.
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