Good day Nairalanders,


let assume u have a fixed deposit account of 5m for 3yrs, with a return rate of 10%


My question is, is it possible to add more money to that 5m even when the 3yrs has not yet expiry?


What I mean is take for example u want to add like 500k to that 5m, is it possible to add the 500k to the 5m even when the 3yrs has not yet reach?

Tony142:

What I mean is take for example u want to add like 500k to that 5m, is it possible to add the 500k to the 5m even when the 3yrs has not yet reach?

No, you will have to enter into another fixed deposit with that 500k, at the current rate offered by the bank, which may be different from the 10% on the first fixed deposit.

Hope that helps.

jabolo:


No, you will have to enter into another fixed deposit with that 500k, at the current rate offered by the bank, which may be different from the 10% on the first fixed deposit.

Hope that helps.

OK, thank u sir

Why fix 5million for 3 yrs. Anyway it depends on the interest rate though. Which bank is it?

Na wa

Diversify, since you already have fixed.
Invest in something else, either Foreign stock market or cryptocurrency or bond if you still want financial sector

Or try something else. Estate Management etc.

Do not put all your egg in one basket