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Don't Pile Up Money in a Savings Account: Agree or Disagree?

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Suba

Suba

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We can't deny that we now receive more money through bank accounts, whether it's from work salaries, business salaries, or even online jobs. Almost everything ends up in a bank account. If our income exceeds our expenses, the money in a savings account will accumulate over time. Of course, holding large sums of money in a bank savings account is very risky, not only because it's eroded by inflation, but also because it carries the risk of loss, especially if the account is hacked by criminals. Banks generally don't take responsibility or return lost funds, assuming it's the customer's fault.

Financial experts worldwide agree that while we should have a savings account, primarily for transactions, we should only keep enough money in the account, or even just enough to cover our monthly needs. What do you think?
 
neku said:
Here citizens are often pressurised to purchase insurance policies with a large monthly premium due to which they are forced to keep sufficient balance in their bank account.
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Criminals are getting smarter and more savvy. Should insurance premiums be paid automatically? I pay my monthly insurance premiums manually to keep my account balance as low as possible. Furthermore, there are numerous mobile banking hacks via WhatsApp messages, such as wedding invitations, which turn out to be malware.
 
I agree that one should not keep a lot of money in savings account. Other than security issues, with the low interest rate of savings account, you are actually losing money with the high inflation rate. Use some money to make investment is a better choice.
 
Keeping all your money in a savings account can actually work against you because of inflation. It’s fine for bills and emergencies, but anything beyond that is better off invested in something that grows, like stocks, mutual funds, or a small business. Savings accounts are safe, but they don’t really make your money work for you.
 
Suba said:
Financial experts worldwide agree that while we should have a savings account, primarily for transactions, we should only keep enough money in the account, or even just enough to cover our monthly needs. What do you think?
Click to expand...
General rule w/savings accounts is that they should primarily serve as a rainy day fund for emergencies; any other usage as an investment tool isn't a good idea because there are multiple better returns of investment available - heck, a C.D. (Certificate of Deposit) returns a few orders of magnitude more in interest than savings, albeit at the expense of locking up your money for a set period of time.
 
neku said:
Here citizens are often pressurised to purchase insurance policies with a large monthly premium due to which they are forced to keep sufficient balance in their bank account.
Click to expand...
Pressurized to purchase insurance? I never heard such a thing before! In which country is such happening?
 
Spreading your money amongst lots of things is called 'diversification'. The idea that if your money is in lots of things, it'll be safe if one of them fails. If you have everything in a cash savings account, you risk theft, currency crashes, banking issues stopping you from accessing money.
 
Suba said:
We can't deny that we now receive more money through bank accounts, whether it's from work salaries, business salaries, or even online jobs. Almost everything ends up in a bank account. If our income exceeds our expenses, the money in a savings account will accumulate over time. Of course, holding large sums of money in a bank savings account is very risky, not only because it's eroded by inflation, but also because it carries the risk of loss, especially if the account is hacked by criminals. Banks generally don't take responsibility or return lost funds, assuming it's the customer's fault.

Financial experts worldwide agree that while we should have a savings account, primarily for transactions, we should only keep enough money in the account, or even just enough to cover our monthly needs. What do you think?
Click to expand...
Excepting the very rich now no one in India has the capacity to hoard money in his account.
 
Agreed, because if we just save and save and don't utilize it then one day inflation will hit it badly. Plus there is always remain high risk of account hacking. In my view we need to take out money and use it in business.
 
It depends on the person there are only a very few doing this. Most people filing up savings are millionaires, ordinary citizens rarely have savings, Their concern is to let their money grow though a wise thing called business were money rolls unexpectedly awesome.
 
aninditasen said:
Excepting the very rich now no one in India has the capacity to hoard money in his account.
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You're right, only the very rich can hoard money in bank accounts, but the rich have a different mindset. They're more innovative and know how money can make money for them even while they're drinking coffee, such as starting businesses, investing, etc.
 
Suba said:
You're right, only the very rich can hoard money in bank accounts, but the rich have a different mindset. They're more innovative and know how money can make money for them even while they're drinking coffee, such as starting businesses, investing, etc.
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That's true. Even if a middle class person saves money the bank would tax even his savings which I think shouldn't be done by the Indian government.
 
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