Yesterday I submit all my papers and forms that I downloaded from my online banking of BPI to apply for UITF. Maybe UITF sounds astronomies to many and for the benefit of those who never knew UITF it means Unit Investment Trust Funds.
What is UITF?
These are investment scheme offered by the banks wherein money from different investors are pooled or collect together into one fund to achieve success in investment. Usually investors in UITF are those who don’t have any time to learn more or no idea in other forms of investment like stock market and mutual funds. It is usually called automatic vehicle where money of investors is handle or manage by financial expertise manager in UITF. The earnings from UITF ranges from 8% to 16% per year which is better from time deposits or special deposit accounts in the bank, hence of course since this is investment has it also own risk, so caveat brothers and sisters.
I am no expert with this kind of investment although if you read my previous post I already engaged in the stock market and so far so good. But me and hubby decided to open another one for the fund of college education of our son and we intend to let our son to take it over when the right time comes.
In BPI they required their client to have an existing savings account because it is usually done online although I think you can still do this over the counter but I just don’t know how the process is. Some teller or staff of the bank didn’t have any knowledge with their UITF, and I advise you to do the research first. Like yesterday the staff of BPI has no clue what I am talking about and he needs to phone others to know the process, but I am confident and patient that I know it will soon materialize.
Good luck to my son’s college fund!