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Saving money in the bank

Saving money in the bank
Whether like it or not we all need to deal with banks and most of us get paid at our job via a bank.

So if you get most of your money via bank it makes sense to also use the bank when it comes to saving money. I personally am a huge fan of managing all my incomes myself and I work with a bank that gives me the option to basically do almost anything online, any transaction I can implement from my laptop or even my mobile phone with a special app.

Even though I'm not a big fan of keeping money in the bank I think shouldn't keep all your eggs in the same basket. This is why I have 2 different saving accounts at two different banks. We aren't talking about important sums of money because I don't earn much but I do save money for emergency situations as well as an overall retirement fund.

So what are the pros and cons of saving your money in the banks instead of having everything stored cash?

Pros
  • You may earn some interest depending on your bank's interest rates for saving accounts as well as the sum you have saved. The bigger the sum the bigger the sum you'll be getting as interest every month. Keep in mind no interest rate is ever going to be profitable so overall no matter how much you are keeping your savings up you ain't going to earn much, but something is still better than nothing and overall I think interest somehow balances inflation.
  • Security. Your savings will be safely locked in the bank and as far as today's banks go, not even everything is kept in digital records. Chances are your bank doesn't even have you physical money stored as cash. So yes, as far as security goes, definitely better than keeping your savings at home, as cash.
  • Having your savings locked into a savings account will decrease the chances of you randomly using your savings to buy unnecessary stuff that you will probably regret buying. The procedure of accessing your money in your savings account will be enough to keep you away from spending money on stupid stuff.
  • You can quickly transfer money into your savings account from your main account. At least this is what I'm doing, everything online.

Cons
  • Certain account fees may apply. Most banks will apply a monthly or annual account fee for "managing" money for you. This directly cancels the little you will be earning from annual interest, especially if you have small quantities stores. I personally hate fees, this is why I've opted for the bank with the lowest fees both also fewer fees and I'm happy to say, at least for my savings account, I pay nothing, not even an annual tax.
  • There is always the possibility of a bank crash going into payment incapacity and bankruptcy with all of your savings erased off the face of the earth. This won't be an isolated case either, this happened a lot of times last 100 years and in my opinion can happen anytime, especially when an economic crisis happens, that is when you will need to get your money out of the bank.

Supporters

moneybags82

Safe way is always in the bank

I would prefer the bank always, as you never know if your home gets burgled they good take your life savings. Always save in the bank it is much safer and also gains interest depending on who you bank with.
Posted by moneybags82 on 08-03-2017
kingcool52

Bank is just the safer option

Unless you have been making your money in an illegal manner then the bank is the best option for you. You can earn interest on your savings and it's also in an extremely safe place. If something goes wrong with a large bank then chances are that you are secure up to a certain amount. I believe the bank will repay you upto £15,000 in the UK if they lose it.
Posted by kingcool52 on 08-21-2017
limberg

Safe and convenient

Most savings accounts don't debit you for bank charges. There are some services that require you to pay certain fees, like if you open a checking account. And if ever there are charges, they and very minimal and reasonable.

I have several savings accounts in different banks. I find storing my money in banks safe and convenient. Safe because I know that the money I deposit it guarded 24/7 and convenient because I can easily withdraw cash whenever I need it either over the counter or via ATMs.

Most of them also provide online banking for additional convenience. It's now easy to check your balance online, and to transfer funds electronically. Of course, it makes it very easy for you to make online purchases.

Posted by limberg on 08-03-2017
TheArticulate

More Secure

I think using a bank is more secure having my money stashed away somewhere. If I have my money hidden at home or somewhere, or even in a safety box, I feel like the chances of it being stolen are increased. Not to mention it would be more of hassle to pull money out of a safety deposit box as opposed to a bank account.
Posted by TheArticulate on 08-03-2017
Mehano

Reliable!

I always prefer saving my money in the bank. Why? The answer is extremely simple - it is so much safer and far more reliable. I wouldn't feel safe knowing that I have some huge amount of money stored in my house. You can never know what might happen... what if you get robbed? The robber can force you to open up the safe deposit box and steal all of your hard earned cash.

I have been putting money into the bank ever since I started earning and working. It's without a doubt the best money saving option. On top of its security, you will get certain interests back depending on what contract you are using/type of bank account.

Also, I love that my bank has a really good online banking system set up so I can transfer money in minutes if needed. It's very convenient.

Posted by Mehano on 08-03-2017
kgord

Bank the only way to go

You can get interest on bank accounts and all your accounts are protected and insured. It is silly to keep money at home where it can be stolen. This is my opinion but a popular one!
Posted by kgord on 08-03-2017
Xilkozuf

Bank

I think it's safer and better: I don't fell safe just saving money at home... anything can happen to it, and you won't have any way to recover it. Saving it at the bank it's a lot safer, and while it might take more time (like, a few minutes so not big deal) to access the money here instead of at home, I feel it's simply better.
Posted by Xilkozuf on 08-03-2017
BigDreamer

Interest

I like to put money in a savings account because of the interest I can earn. It isn't a ton of money but I think every little bit helps when you are trying to save.
Posted by BigDreamer on 08-03-2017
lilac123

Bank

At the bank, your money is safe and you will be earning interest on it at the same time. I have heard stories of some robberies that were directed at people who were known to keep safes in their house. However, at a bank, you don't have to worry about being robbed. I think you would also be less tempted to spend money if it was kept at a bank vs. if it was in your home, but maybe that's just me. When I have cash at home, I am tempted to spend it, whereas if I don't have any on me and I only have my card, I am more conscious of my spending.
Posted by lilac123 on 08-13-2017
hermessantos

Saving money in the bank

I think saving money at home is definitely not a good idea because your money will not have any income. The ideal is to use money in financial applications where money can work for you.
Posted by hermessantos on 08-03-2017
rage35

Saving money in the bank

It is much better to save money in the bank, apart from it is secured, you get interest rates on your savings so the money you save will grow. Unlike in saving money at home, your money will not grow.
Posted by rage35 on 08-03-2017
Denis_P

It's just safer.

While I cannot say that I absolutely trust banks with money, or that I believe using them is risk free, I do think that it is a safer alternative than keeping money at home. I've always felt that keeping extremely large quantities of money in your home is risky business. One could say I'm somewhat of a paranoid person, but if word somehow gets out that you are holding a large sum of money in your home, that makes you a prime target for those looking to earn some money in a rather unconventional fashion. It puts you and your family at risk.
Posted by Denis_P on 08-03-2017
overcast

Money in Bank

These days saving it in some box is not safe. In fact with or without family people around, saving money in bank is unsafe. You can see that some of the issues with the people doing random robbery. It can be bad for the money in the home. You just have to understand that money in the bank in some cases more safe for that matter.
Posted by overcast on 08-03-2017
Pixie

Savings in the Bank

I would prefer to save in the bank for various reasons. The first one is security. If you keep your money in a safe deposit box at home there are greater chances of the money being stolen. The neighborhood I live in is not really that safe so I prefer to keep my money in the bank. Furthermore, if I keep the money in the bank then I will also earn some interests on my savings. If I keep money at home then I will have the tendency to spend more. I can better control my spending when I keep my money in the bank.
Posted by Pixie on 08-03-2017
timstargraal

Secure and Interest

The bank is obviously the way to go when saving money. Saving money in a safe at home can be extremely unsafe especially when it’s just a box with a lock. Not everyone has a safe which is like a room and even then, those can be robbed meaning that the thousands of dollars which you have saved can easily go down the drain. Going with the bank however, is a lot more safe and you can also earn interest especially if you have a high saving account which, if you don’t withdraw, can earn you quite a bit of interest.
Posted by timstargraal on 08-03-2017
wallet

Saving money in the bank

I prefer to save some money in my bank account. when I take my salary I don't withdraw all the money, I left around 100 dollars on my card every month. I'm doing this because our money is not safe in our home, if the money is stored in the bank it will be harder to reach to them!
Posted by wallet on 08-03-2017
luispas

Save money in Bank

I like the security they have, I feel confident saving all my money there because I know it won't magically disappear. Also, you could earn some interest if you keep your account with a great amount, and of course depending on the Bank you have your money, I rather the physical ones and not the online. I admit that I am very bad at saving money, I spend it very easily, but when I do, that's the best method I have.
Posted by luispas on 08-03-2017
VintageRose

Banks

It's inconvenient to completely depend on cash, not to mention that having huge amounts of money on your own can be risky and dangerous. Likewise, if managed properly and wisely banks do not need to be a disadvantage and, on the other hand, will help you advance in your goal of building a stable financial independence.
Posted by VintageRose on 08-03-2017
reginafalange

BANK

I have never seen a bank account that wouldn't have even a small interest. The money you don't put in the bank loses its worth (doesn't mind if it's slowly or quickly, you always lose) unless there is a deflation which happens VERY rarely and it bad for the economy. Of course, you should have some money that you can always access but you shouldn't keep all your savings in a sock under a bed.
Posted by reginafalange on 08-03-2017
Marvadaum

No other alternative

Like it or not there is little we can do to escape the digital world nowadays. Keeping you money online is safer, more convenient and easier also.
Posted by Marvadaum on 08-03-2017
fishmonk

Bank is more secure

I believe saving money in the bank is safer when compared with saving money at home in a safe deposit box. The reason for me stating so would be because there's been quite a number of robberies happening recently around my neighborhood. In this case, I find it unsafe to put all my cash at home. Besides that, my bank account does not charge me any maintenance fee. Saving in a bank also allows you to have debit and credit card access. This is pretty convenient in doing purchases for personal purposes. It would be pretty dangerous to brings thousands of dollars in cash around to shop for electronics when required. Saving my money in the bank does put my mind at ease as it's really secure.
Posted by fishmonk on 08-02-2017
pizzalover

Banks always.

I honestly prefer saving money in the bank, the reason why is because you can make transactions to another account whenever you want to. Besides, You earn interest and your money would be safer. If you save money at home you are taking the risk that someone can steal it from you.
Posted by pizzalover on 08-19-2017
wiseagent

Be intelligent!

I don't even have to think twice to answer that the best option for saving money is always in the bank.

I can even understand some of the reasons that still make people want to keep their money in the house, but the benefits that banks offer are far superior (despite some fees that can be quite unpleasant at times).

Posted by wiseagent on 08-17-2017
DanoCath

Banks!

I think it's much more convenient to save money to one of your trusted banks. I just started to open my own savings account and I find it easy. Unprecedented events or situations might occur and your savings would be your rescue. You never know what will happen in the future so you need to have your own savings account for future uses. You can also earn interest on your savings account so it's quite beneficial to you, you save much and it increases in its own, isn't it fantastic.
Posted by DanoCath on 08-20-2017
yemzy

Banks are Safe

The old traditional way of banking by putting it in the bank is not negotiable.The banking Instituition has It's core competence in keeping your money safe and offering worldclass services that will assist your business and personal growth
Posted by yemzy on 08-21-2017
blank629

Protected and earn more!

I'd prefer to save my money in the bank rather than in the house. If you invest money on the bank, as time pass by, you money gets an interest which is good to you. And saving money in the bank, for me, it is more secure because of the tight security of the bank especially the well-known bank. So you must choose the right bank where you can sure that your money is safe and guarded.
Posted by blank629 on 08-27-2017
Soulwatcher

The bank!

Not that I have any money to save because I don't. But if I had money to save I would keep it in the bank because around where I live, if people know that you have money at home, your going to get robbed. And that kind of risk is not worth it to me. And that's not to mention if your house burns down your screwed.
Posted by Soulwatcher on 09-01-2017
Istine

Pro-Thrift

Saving money in the bank is really an option for me. In a good way it deprives me of spending lest, I am really forced to have savings which is a good thing.

I am not really a thrifty person, I over spend most of the time. I am an impulse buyer. I have tried saving my money in the house and ended up using all the money for things I do not need. so, Basically saving money in the bank helps you shape up your future through keeping it safe from others and most of all yourself.

Posted by Istine on 08-30-2017
Heatman

Bank Bank Bank

For crying out loud, we are not in the medival age when money or precious materials are buried in the ground or kept in a safe, this is 21st century if one needs it to be emphasized. Although, I quite agree that having a safe at home is a nice thinking and thought but making it your number saving institution is totally unacceptable to me. It's not the best of decisions one would take towards saving.

Banks are way too better, preferable and comfortable to have your money saved in it. It comes with the kind of security that an ordinary safe box at your home won't be able to offer you. Take for instance, should anything happen to the bank where you probably saved your money, either the bank was robbed or got burnt down by fire, the bank would still pay you your money saved to the very last dime. But if anything happens to the safe box that you kept your money at home in, definitely that money is gone for good no coming back.

Also before I forget, saving in the banks would afford you access to your money in any place, anytime you ever wish to use your money without having to go home to get it from your safe.

Posted by Heatman on 09-20-2017
ajahcuizon

Safer

I could feel much safer to save my money in the bank. Also, I will likely have a minimal chance to spend it since its in the bank rather than hiding it in my cabinet which I always have access. On that way, I will feel lazy to go the bank or atm to withdraw. Eventhough interest are just really small when it is saved in the bank, what's important is I am comfortable and rest assured that my money is safe since its in the bank that I truly trust.
Posted by ajahcuizon on 11-05-2018
cks003

financial institution is a necessity good

In this modern day daily transactions are being conducted via intermediaries, and that third party is bank. Whether one buys/sells, we cannot escape from using the services provided by the bank. Thus, saving in the bank is a common practice and one can rarely think of other alternative way of saving the money.
Posted by cks003 on 10-28-2018

6%

Saving money at home in a safe deposit box

Saving money at home in a safe deposit box
I love having full control over my money and over my savings. This is why I avoid any kind of credit from the bank. I personally have zero loans and I don't own anybody any money.

I'm planning to become financial independent the few years and saving money, cash, at home, it is part of my backup plan. The way I see it: you always need a backup plan and having store some decent cash away it ain't that bad. If you can also have another stabled currency saved expect the US dollar, even better!

Some people even store gold and silver as well as other valuables instead of cash. But that is another subject for another time.

Bottom line is that saving money at home in a safe deposit box gives you direct access to your money without any buffers involved.

Here are the main pros and cons on saving money at home compared with keeping them in a bank savings account like any normal person:

Pros
  • You will always have full access to your money. You don't need to ask the bank to make a withdrawal, you don't need to get online to make a withdrawal, you simply open the deposit box and take what you need. If you like using cash around having some cash savings might be a great idea. I personally use cash up to 40% of the time so yeah, I like keeping some of my savings in cash.
  • Bankruptcy. You don't need to worry that your bank will go under. Your money is safely stored at home.
  • If you keep them in a safe deposit box that nobody knows about it can also be pretty safe to keep savings of money at home.
  • In the case of some emergency when you need fast cash, having them already available will mean a great deal.
  • You can always make a quick cash deposit and transfer them to your bank account.

Cons
  • Having some cash savings lying around will make you tempted to spend them! I know I do every time I add anything to my cash savings, I get this urge to just buy something with them and get it over with.
  • If you don't really good safe chances are that you might get robbed at some point and end up without any cash savings. Especially if you live in a bad neighborhood or if you tell everybody where you keep your cash savings, or worst yet have the whole thing visible and out in the open. Cash savings should definitely be a secret. But overall the bank is the safest bet when it comes to your savings.
  • No interest. Your money will just lay there doing nothing and if the inflation is significant enough after a few years you will buy a lot less with the same sum of money.

Supporters

Happyflowerlady

Banks can fail or just be closed for some reason.

I think that it is fine to have some money in the bank; but a person should also have some money stored in a place that they can access easily in an emergency when they can't get to a bank. It might be harder to keep the money nearby because there is always the temptation to spend it on something that you do not really need; but when you keep in mind that if the bank fails, you can lose the money you have in the bank, then it makes more sense to store some money at home somewhere. Several years ago, we had bad storms that knocked down trees and power lines and pretty much shut everything down where I live. None of the banks were open because there was no electricity to run the machines and computers. People had to get by with whatever cash they had on hand, because there was no way to access any money that was in the bank. So, even if it is not a lot of money that you keep on hand, I think that it is part of being prepared for an emergency to at least keep some money at home.
Posted by Happyflowerlady on 08-03-2017
JoeMilford

Safe Deposit Box For Me

I would have to go with safe deposit boxes for a chunk of my savings and certain valuables. First of all, I have ZERO trust for banks, and although my money would not be gaining interest in the box, I like having that static value which I can always depend upon regardless of the influence of fluctuating interest rates and economic swells and pitfalls. The word "safe" in safe deposit box says it all.
Posted by JoeMilford on 08-03-2017

Comments

RosieCheeks
Keeping your savings in the bank is the best possible option, which can protect you from robbery or loss. If You choose a bank with stable and established reputation You don`t have to think about risks. Plus, You can accumulate your wealth, by getting the interest from your deposited amount. Your money will make more money themselves.If You do everything wisely You will only benefit from keeping your savings in the bank. If You keep them at home, there is no security for your savings and no benefits at all.
Posted by RosieCheeks on 08-03-2017
Corzhens
I am a long time employee of a bank so I am expected to endorse the bank as depository for your extra money. Even when if the interest rate is low, at least you have a relationship with the bank which can be beneficial to you in times to come. Like us, we got a bank loan to buy our house. Money kept at home has no benefit for you and there's even the danger that it can be stolen. Again, having a bank account has many benefits not only for you but also to your family.
Posted by Corzhens on 08-03-2017
overcast
I think the rate being low forces us to invest into the mutual fund and shares. And that can be risky. But that can be surely be done for the long term. Short term investment is not a good option. And so that means some of the time we have to learn from that. And invest where things are going better in due term.
Posted by overcast on 03-09-2018
giovanniiiii
The only risk that people face whenever thet keep money in bank accounts is bankruptcy. Although those are only in the very rarest cases so people should not worry about that too much. I think there is much more chance of losing the money you are keeping at home than losing your money because of bankruptcy. It is beneficiary to keep money in banks in a way thag it is accessible anytime and anywhere especially when it is needed.
Posted by giovanniiiii on 08-03-2017
Sue
I prefer to save my money in the bank. Evenmhough there are many banking fees because if I have it at home I am more apt to spend it if I want something. I have a separate savings account where I put my money and I don't touch it. It is just for saving. After you get up to a certain amount you save on banking fees and you start earning interest. Even though interest it is low it is better then the nothing you will get if you save at home.
Posted by Sue on 08-03-2017
overcast
Mutual funds and shares are also good. But each to their own. Not all people can prefer that as it is more or less risky. But you can get the idea that those options exists. And people do invest into them. But not all the time that may work out for many of them. It seems to be different for each one of us as well.
Posted by overcast on 03-09-2018
galegatling
I won't vote because I do both. :D I have money on my bank as savings and I also have a little money spare at my house just in case for emergencies or rush things to buy. Banks and ATMs are kind of far from where we live and I tend to run out of money often because all the time, people in my household will always be asking for some specially the kids. :D
Posted by galegatling on 08-03-2017
Corzhens
You are like my husband who wants to have both money at home and in the bank. He has a savings account for his ATM and we have a safety deposit box as well aside from the safety vault in our home. That's also where we keep other valuables like land titles and jewelries plus coin collections. I agree to have a substantial amount of money at home but not to make it a depository for savings.
Posted by Corzhens on 12-17-2017
JMS
People in the old days used to put their money under the mattress. Or underneath a loose floorboard. Those were the days before banks. Now we have banks to put our money it is supposed to be a lot safer than leaving it under the mattress. I am grateful for my bank because they keep my money secure.
Posted by JMS on 08-03-2017
morgoodie
I guess I would choose banks over a safe at home. I will keep some of my money at home just to have some on hand for emergencies or just so I don't have to go to the bank. Although with a debit card, you don't have to go to the bank to get money out. You can just use the card. With online banking, you don't even have to take your paycheck to deposit it. I would just take a picture of it and deposit it that way. As for not making any interest on the money that I keep at home, I am not missing anything. It has been a very long time that I have made anything from interest. Maybe if I had a lot of money in a savings account it would be another story.
Posted by morgoodie on 08-03-2017
explorerx7
I would be wise to keep your money in the bank instead of keeping it at home. The bank may be a greater target than your r hope would probably be but the banks offer more security. If the money is stolen from your home there may be hardly any chance of you recovering it, however, if the bank is robbed, you are guaranteed to not lose your money. Therefore, by far, the bank would probably be a safer bet.
Posted by explorerx7 on 08-03-2017
vinaya
I like to save money on banks. I have saving accounts on couple of banks and every month I manage to put some money on my banks. I have not subscribed any services such as online banking, mobile banking just because I have to pay fees for these services. If you save money in banks you will get some interest at the end of yhe dsay, however, money you save in your home locker never builds itself.
Posted by vinaya on 08-04-2017
overcast
I think people would not mind using the netbanking. And they can save a lot of money into the deposit box either. As you can see some of the people who are into the saving money. They are going to diversify. And that's something we have to find out as well. I have noticed that people who are paying through the bank it is something we have to consider for the safe. Not all the time banks are reliable. But we have to understand what works often there.
Posted by overcast on 08-06-2017
babyright
Saving money in the bank is much better nowadays than saving money in a box at home. In the olden days, i believe it was much safer then to save money at home since there were no banks then. And the rate of robbery attack on peoples home was lower then compared to now where armed robbers just attack peoples home at any time and cart away their goods and money. But if someone wants to safe a small amount of money, then he or she can still save in a box since the money is not much. If you want to save huge amount of money, then in this 21st century that we are in i will advise that person to safe his or her money in the bank to avoid great loss.
Posted by babyright on 08-14-2017
Jonathan Solomon
To be honest, I wasn't always a fan of saving money in the bank. Mainly because I haven't had the best experiences with banks. Also, in my opinion, I don't feel all banks have your best interest at heart. However, I recently changed banks and am having a much more pleasurable experience. Because of that, I'm choosing to save money in the bank. Nevertheless, you should never have complete blind trust on where you save your money.
Posted by Jonathan Solomon on 08-21-2017
Marvadaum
Yes, I don't particularly like banks but I can't deny that it's safer than keeping money at home. You never know when a robber might break in or an accident like a house fire could take place. Can you imagine your whole life savings just going away? It's better to put up with some bureaucracy for the sake of keeping things safe.
Posted by Marvadaum on 08-31-2017
lovely
Money kept in the bank is safer that storing it in the house.Anything can happen at home, fire outbreak, theft and lot more and especially if no one is around nothing might be salvage.If kept in the bank it will be more protected and you would be paid interest even though it small.So banking for me.
Posted by lovely on 08-24-2017
jaysolano12
I don't know what's the best thing to deposit because both have their own level of risk. But bank had their own policy produced, so we assume that they studied further to take security further enough to be trust by customers. Their have many banks which most secure than any other such swiss bank, world bank, Singaporean banks.

When you use your house to deposit money, it would be disadvantage for individual to deposited into house, if the owner didn't notice someone might steal his money. Today, banking system is the most people trusted because it's efficiency.
Posted by jaysolano12 on 08-26-2017
joey98
I don't trust banks that much, but they have some undeniable services that are crucial for my financial need, for example, to activate my PayPal account, I have to have an account with my local bank. I could live without their other services like the credit card and saving.
Posted by joey98 on 08-31-2017
vinaya
What do you mean when you say "I don't trust banks." Do you think the bank will steal your money? I trust bank fully when I am making a saving deposit, however, when I apply for the loan I am always suspicious. They always increase their interest rate on the loan.
Posted by vinaya on 03-09-2018
Joteque
Banks are more secure plus it does reduce the chances of you buying extra stuff you don't need. Although banks have their short comings with lots of hidden charges and procedures, it may be the better choice. It's always good to stash a little cash at home though instead of running to the bank every time the need arises. Overall a good balance and combination of both practices should be quite the measure that allows adequate use of your cash with minimum inconvenience and disregard for additional unnecessary expenses or even worst unforeseen events.
Posted by Joteque on 09-10-2017
vhinz
When it comes to saving, it is really safe to save money in the bank. But merely saving money in the bank or at home will lose certain amount of your money because money depreciate its value because of inflation. The value of the amount you save today will not be the same value in the coming years.
Posted by vhinz on 10-08-2017
potentialwriter
Saving money in the bank is better than saving money at home in a deposit box. It's preferred by the masses for security reasons. If you are robbed at home, the deposit box may be found and stolen away, but this is not the case if you are saving in the bank. Even if it happens that your bank is robbed and all the money is stolen away, you are not responsible in any way, but the bank. The bank is covered by insurance and all losses will be catered for once the insurance company can verify the exact amount that was stolen. All customers who have accounts with the bank will still have their money with no single loss.
Posted by potentialwriter on 11-02-2017
ColdFlameChris
It's always a good practice to save in both of them since most of your money should be saved in your bank for a totally secure and at the same time, you do have some on your deposit box for emergency purposes. It's a hassle to always go to your bank whenever you need some money to withdraw so you should at least save some on your deposit box for easy access to your needs.
Posted by ColdFlameChris on 11-09-2017
potentialwriter
Saving your money in the bank is far safer than saving money in a safe deposit box. You just have to inculcate the habit of saving money using your bank account, rather than using a safe deposit box. Considering the fact that it's not security wise enough to keep money at home, but in the bank, any amount, no matter how large or small, shouldn't be kept in the house using a safety box made of wood. Anyone can enter the house and steal your money away, but this is not so with online treasury. It's never possible to steal from your funds at the bank. The security at the bank is quite beyond what anyone is capable of tackling with.
Posted by potentialwriter on 11-30-2017
Scarlet
I prefer saving money in the bank because it's safe and insured unlike inside the deposit box in our house which is prone to thief or disaster like flood and fire. Although saving it in our house is convenient because we have easy access and no need to go to a bank or ATM machine to withdraw.
Posted by Scarlet on 02-07-2018
jaymish
I prefer a bank because of the perception of safety. It also helps to keep you on track because if you need to withdraw your money you need to go to the bank or at least to an ATM that can be a distance away. Just the trouble of going to an ATM keeps you away. However a bank is not 100 percent safe. In my country a number of banks have gone down. They have refunded deposits but to a certain limit. I know people whose business has closed down because a bank has closed. My advise spread your risk to diffrent banks, even have some money in your piggy bank.
Posted by jaymish on 04-15-2018
Kakashi2020
I have to say that it's best to save or put money in the bank and at home. You can do both because it's more safe, I always have a stash of money safely tuck away in a secret place inside the house while I do have several bank accounts to spread my money just to be safe.
Posted by Kakashi2020 on 06-19-2018
Corzhens
You are like my husband who has a lot of places to keep his money. The computer table in our living room is one of his favorite hiding places for money and I am not surprised if I find money in his dresser closet. I work in a bank so it is customary for me to put my extra money in my bank account. But I have to admit that I also keep some cash at home for purposes of emergency.
Posted by Corzhens on 10-14-2018