Start with the time horizon
The right question is not "how much does it earn?" but "when will I need the money?". Needs within 1 year call for liquidity (current account, Poup@ Net); goals of 1–5 years suit term deposits; long horizons tolerate longer terms and more attractive rates.
Term deposits
They are the foundation of saving in Cape Verde: guaranteed capital, a rate known up front and Deposit Guarantee Fund protection under the law. Compare terms, rates and early-withdrawal conditions — withdrawing before maturity usually reduces or removes the interest.
Diversify
Do not concentrate all your wealth in a single product or term. Staggering deposits across different maturity dates (a "deposit ladder") gives regular access to liquidity without sacrificing return.
Compound interest
Reinvesting interest makes capital grow on itself. Small, regular contributions made early almost always beat large, late ones — it is time, more than the amount, that builds wealth.
Beware of promised returns
Returns well above the market, "risk-free" guarantees and pressure to decide quickly are classic signs of financial fraud. Always check that the entity is authorised by the Bank of Cape Verde before handing over money.
Talk to us
This information is educational and does not constitute a personalised recommendation. For solutions suited to your profile and goals, talk to a BAICV branch.
