7 ways to put your savings to good use 

7 ways to put your savings to good use 

Congratulations! If you're reading this, it means you've successfully saved money, and that's a big accomplishment! But saving alone isn't enough. After all, what's the use of building up your savings if you're not going to make the most out of them?

Putting your savings aside and completely forgetting about them may not be the most effective strategy. It increases the risk of gradually spending them and decreases the potential for growing your wealth. Instead, consider putting your savings in a place that can help you generate more money.

You have several choices for what to do with your savings. In this article, we will share the best options with you, and you can choose one or more depending on how much you've saved.

  1. Invest in the stock market

Investing in the stock market is one of the best ways to build wealth by capitalising on the success of fast-growing companies.

Whether you've saved 1,000 or 50,000 JOD, investing is wise. By buying shares in the company or companies you choose, you can benefit from a percentage of their profits. And who knows? The share price may increase significantly over time, bringing you large profits when selling. It's important, however, to diversify your investments and not focus on one company alone. This way, you can reduce the risk of loss.

We know that investing can seem complicated, especially if you're new to it. There are things you should understand before jumping into this big world. But don't worry because we're here to help! Our wealth management team is dedicated to assisting you. They'll provide guidance and investment tools that match your ambitions and financial goals. Learn more here.

  1. Buy gold

What sets buying gold apart is that it's a low-risk investment that retains its value, withstands market fluctuations, and protects your money against inflation. This makes it an excellent way to diversify your investment portfolio.

You can also earn a profit by selling gold. The key to maximising your profits is knowing the right time to buy and sell, which is when prices are high.

All this talk of gold just reminded us, did you know you can buy certified gold bars from any Bank al Etihad branch? 

If you want to learn more about investing in gold, read our article "A guide to investing in gold".

  1. Buy a house

Yes, you have to spend money to make more of it! Buying a home is a great investment, even if you own one already. The value of homes increases significantly over time, so if you buy a house today, you can earn a lot of money when you sell it 10 years from now.

And that's not the only way to profit from a home. By renting out one, you can receive regular rental income to add to your savings or even expand your investments.

If you don't have enough money saved to buy a house, you can get a mortgage loan from Bank al Etihad and use your savings as a down payment. When you finish paying off the loan, the house will probably be worth much more.

  1. Start your own business

With all the money you've saved, you can start a small business to build a stable financial future, address the local market's needs, and create job opportunities for others.

This is a smart move, but it takes effort and planning. So, be sure to devote time and effort to searching for a profitable business idea, studying the market, and developing a clear business plan.

By using your savings wisely, you can turn your ideas into reality and become the owner of a successful business, which brings you financial stability and professional success.

But before you start your own business, read "What every SME founder needs to know".

  1. Create a term deposit

Instead of keeping your savings in your current account, consider opening a term deposit account. By depositing money into one, you earn regular returns. This option allows you to invest your money for a fixed period and regain it when the deposit matures.

Term deposits are considered a low-risk investment that delivers steady financial returns in the long term. The longer you decide to keep your funds in one, the higher the interest rate you'll get. But you should know that if you decide to break a term deposit before its maturity date, you'll need to pay a fine.

Find out how to create a term deposit here.

  1. Put your savings in a savings account

This option works like a term deposit but with more flexibility. Instead of locking your money for a fixed period, you put it in a bank account with an interest rate. The interest is paid every 6 months, depending on the amount in your account. The advantage is you can access and withdraw your savings whenever you want. 

Apply for a savings account here.

  1. Open a Tharaa savings account

With a Tharaa savings account from Bank al Etihad, you can make the most of your savings and get a chance to win life-changing prizes! Simply open a Tharaa savings account, deposit your savings, and regularly add funds to be automatically entered into various prize draws.

You could be one of our lucky daily winners who win a gold ounce! Or you may be a weekly winner of a 9,999 JOD cash prize! In June, 8 winners will be driving away in Mercedes-EQ cars. And in September, 9 winners will get keys to beach apartments in Ayla, Aqaba. Last, we have the grand finale at the end of the year, where 10 winners will each receive a 100,000 JOD cash prize.

To enter the prize draws, make sure to maintain these minimum balances in your savings account:

  • Daily and weekly prizes: 200 JOD
  • June prize: 500 JOD
  • September and grand prizes: 1,000 JOD

Finally, don't forget to treat yourself! Spotted a watch or bag you fell in love with at first sight? Go ahead and buy it. After all, you get instant cashback when you use any of our cards, which is something to enjoy without losing sight of the importance of saving money.

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