How Good is Saving Money in Banks?

[Nomad]

One of the easiest ways to get into saving is regularly deposit money into savings accounts in banks. The interest rates on savings accounts are usually below 5 percent, so you don’t get good returns from saving account. However, if you keep in high yield saving accounts, you can earn better interest rate. Therefore, when it comes to saving, always choose a high yield saving account.

 

[Starmix]

I save my money in a government owned bank and a private bank. I feel safer if deposit my money on these banks though the interest is peanuts.

 

[Suba]

Even though I have several bank accounts, since several years ago I have never saved money or accumulated money in the bank, so bank accounts are only a medium for transactions, whether receiving a salary or other income. The balance of each bank account will not be more than three months' living expenses. saving small interest which means losses every year there is inflation.

 

[eLdavis]

I have saved my money in a few banks in the past, and i think this method is pretty effective to use.

 

[neku]

I have saved some money in bank accounts, yet when government agencies robbed my savings a decade ago, I could not access my hard earned money for several years. So now I try to diversify my investment.

 

[magnus2022]

One of the easiest ways to get into saving is regularly deposit money into savings accounts in banks. The interest rates on savings accounts are usually below 5 percent, so you don’t get good returns from saving account. However, if you keep in high yield saving accounts, you can earn better interest rate. Therefore, when it comes to saving, always choose a high yield saving account.

Apart from banks where again can you save your money that you are sure it is safe and secure. Secondly, can list some high yield saving accounts. Perhaps i will like to check them out.?

 

[Springtime]

I save money in banks. I have a fixed deposit high yield account with my bank. I think this is the safest and most effective way to save money.

 

[neku]

Company fixed deposits and bonds are some of the alternatives to bank deposits, though the options available vary to a great extent depending on the country or state where you reside.

 

[bluesky]

Good or bad, banks are the safest place to save your hard-earned money, I would say.

 

[freelancermaria]

I still keep some money in a bank, but I’ve switched to digital banks now because the interest rates are much higher. I diversify to avoid putting all my eggs in one basket.

 

[Min George]

Saving money in the banks is good in the sense that your funds are safe completely. You have to save in a bank recommended by government though.

 

[bluesky]

I’ve switched to digital banks now because the interest rates are much higher.

Are interest rates higher? Which are those digital banks? I am hearing it for the first time.

 

[Tray59]

Saving money in the bank is very good because your money will be more secure to be sincere I think if I save money at home mostly I will use the money so bank saving is good