Hey Guys, coming back this week to just share what I promised (several platforms/channels/products which I used for my certain financial goals).
Generally, you can find potential platforms to save or invest your money based on your Goals :
- Short Term Goals : I defined short term with period between 0–12 months
- Medium Term Goals : period between 24 months — 36 months
- Long Term Goals : >36 months
Notes : You might use different definitions for each of terms so I put you context about the time window. On this post, I’ll talk a bit about products which I have used for my short term Financial goals. Disclaimer : Not an endorse, and definitely not being paid by the provider, just sharing my experiences.
- CIMB Niaga Dream Savers
So far, this is my favourite! Had used this products more than once in the past and am still using this as per now. Easy to enroll, and kind of provide enough ‘enforcement’ so you are not tempted to abort the saving program. That is necessary for me because if the program is quite easy to be cancelled or stopped, I am not discipline enough to keep track my saving target. (Yes, like I said on my previous post, this will be vary for each person, if you’re already discipline enough and not the type who will be tempted to do random shopping, you might not need this).
This program comes in 3 tenure options (3, 6, 9 months). So yes, this is so good for you who might plan spesific target within those time window like vacation, buy new gadgets, etc. Specifically designed for short term saving. Prior to enroll, you are required to own 1 CIMB Niaga Main account, and as long as you have activated your Internet Banking/CIMB Clicks, you can immediately register for the program
You can click New Products & Services — Dream Savers and you will be directed to below page.
Read the T&C and other supporting informations, including interest rate. Click Register when you would like to sign up. You will be required to fill several informations such as :
- E-statement Email Address
- Source Account (just in case you have more than 1 CIMB Niaga saving account)
- First Installment Date (the time when your main saving will be deducted for the 1st time, if I’m not mistaken maximum 1 month from sign up date)
- Initial Deposit (Minimum IDR 1 Million)
- Payment Amount (How much you’d like to save every months along the tenure)
- Payment Term (whetner 3/6/9 months)
- Branch Information
- etc
Once you have successfully signed up, your main saving accounts will be deducted with Initial deposit and when the agreed payment date come, will automatically deduct your monthly payment. When the tenure overs, all the fund will automatically transferred back to your main saving account. Easy right? And if you’d like to have the print out certificate of Dream Saver account ownership you will be required to visit the Branch (that you filled on the registration process). This certificate will be mandatory to have if you would like to liquidate your money prior tenure ends (will applicable with certain amount of additional processing fee to cancel).
Website if you’d like to know more : https://www.cimbclicks.co.id/sib-cimbniaga/download_files/Tabungan_Dream_Savers.pdf
2. Jenius Dream Savers
My 2nd pick will go to Jenius Dream Savers. For this products, the difference from CIMB Niaga Dream Savers is that you aim for the End date first then you can adjust the installment period (whether in Daily, Weekly or Monthly). So, it gives you more flexibility in arranging how often you would like to save the money into achieving the Goals and as you aim for End date first this can covers for Medium & Long Term Financial Goals as well (Max Tenure is 10 years). It also give you options to temporary stop the program or abort it prior the tenure ends (without additional fee). You can create up till 10 Dream Savers program. What you need to fill on the sign up requirements are quite simple and less than what is required by CIMB Niaga Dream Savers.
Prior to enroll, you are required to have Jenius Bank Accounts and the applications installed on your mobile phone. Once you Log In, you can go to “Save It” Menu and there will be 3 options (Flexi Saver, Dream Savers, and Maxi Savers). Below are the interface, and after you click the Dream Savers, you will be required to fill the Name of your Dream and the amount you would like to achieve. It also allows you to put pictures (might be to help you motivate yourself during aiming the Dream/Goals). Quite nice!
Next You will be required to fill the End date of your Goals, Initial Deposits, and whether you’d like to perform auto-deduct from your main saving account in Daily/Weekly/Monthly basis. Am giving example below, if I pick Daily and put May 19, 2022 as my end date then Click Next/Lanjutkan, you will be directed to this page.
You can verify whether the finalized informations are correct then click “Create New Dream/Buat Mimpi Baru” and initial deposit deduction according the amount that you had filled on the sign up information before will be immediately performed.
Website if you’d like to know more : https://www.jenius.com/app/save/dream-saver
3. Mandiri Tabungan Rencana (MTR)
I signed up for the first time on this program I think around 7–8 years ago (been quite so long), and back then I enrolled when I was visiting the branch for account opening purpose. The customer service offered to also take this program and I agreed to sign up. I fill the form and chose 1 year as the tenure. Compare to previous products the tenure options for MTR are the widest. It gives you options from 1 year up till 20 years (wow). So yes, it definitely can covers more tenure options or if you have several scenarios among your financial goals.
Now, you don’t have to visit and fill the form at the branch like I did cause Mandiri has made it so easy to enroll now, but ensure that you have owned Mandiri Saving account before and have activated your Mandiri Online (Mobile Banking account) include have it installed on your phone. You can Log In to your Mandol (Mandiri Online) apps and pick “Pembukaan Rekening Baru/Open New Saving Account” You will be direct to options whether you’d like to choose Mandiri Deposito or Mandiri Tabungan Rencana (MTR). Click Mandiri Tabungan Rencana and you will be directed to several informations about the program.
Mandiri Tabungan Rencana doesn’t require initial deposits, it just require you to comply with minimum monthly deposit amounting IDR 100,000. You can also top up your MTR accounts outside your monthly deposit, and here is the interesting one, you get to have free insurance protection (they collaborate with AXA Mandiri Financial Services). A very good deal!
If you choose to pick “Buka Rekening/Open Accounts” after you read the program information on Mandiri Online. You will be required to fill several informations below :
- Purpose of opening account (there are spesific options provided by Mandiri for this). If none covers your goal then you can pick “Others/Lain-lain”
- Tenure (1 year up till 20 years)
- Monthly Deposit amount
- Beneficiary Name
that’s all and the remaining things to do is only to perform checklist that you had read the T&C. Taraa, very easy rightt! After the opening process successfully occured, you are required to visit nearest branch to get the ownership certificate, and you also have options to cancel this program prior the tenure completed with applicable fee/penalty charge amounting IDR 150,000 and account closing processing fee amounting IDR 5,000.
Website if you’d like to know more : https://www.bankmandiri.co.id/tabungan-rencana
Each 3 of them have their own Pros & Limitations (I wouldn’t say Cons). And I have also provided you with the link of the website/files for those who’d like to explore more. For now, just like I said, am stick to CIMB Niaga Dream Savers as my favourite, had used it several times in the past and now am still using it, for Jenius I had signed up around 2 times I think in the past and I kept cancelling/aborting it cause the cancellation process is quite easy and no charges (for those of you who encounter emergency this will be extremely helpful, but for me, like I said, I’m not discipline enough to save my money without enforcement, this product is not my number 1 choice to help me go through that behaviour haha), and for Mandiri Tabungan Rencana, as the tenures options are minimum 1 year and above up till 20 years (multiply in annual basis only), for me it’s preferably to put my money on Mutual Fund & Equity for those time period compare to put that in saving deposits, hence I prefer MOST (Mandiri Sekuritas Online Trading) instead for investment during those time window (will be share on my other posts, including my experiences using other platforms).
That’s all for now guys, hope my post helps, appreciate your thoughts!
