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Do you save your money only in the bank?

Starmix said:
In my case, I prefer to save my money in the bank. I also buy Mutual funds, it is one way of keeping my small money. It is good to have millions someday, lol. Let us just workout our plans and see how life goes on.
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I do not invest in mutual funds at all. I do not earn interest. I prefer investing money and this also includes investing in the right kind of company. I also like to trade as well. This is a really good way to make sure that you make money. Making money can be easy and it could be hard. It all depends on what kind of strategies you use in order to make money.
 
Passionate-writer said:
I do not invest in mutual funds at all. I do not earn interest. I prefer investing money and this also includes investing in the right kind of company. I also like to trade as well. This is a really good way to make sure that you make money. Making money can be easy and it could be hard. It all depends on what kind of strategies you use in order to make money.
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I engaged with trading, I capitalized it and after I sent my deposit, I was stunned when they required me to send an upgrading fee which I think wasn't right because I had not started my trading yet but why should I upgrade right away more than the deposit? I was scammed instantly and wasn't able to manage my money with sense.
 
Since the beginning of 2023 I no longer use banks as a place to save/store money, because since then the banks in my country no longer give interest for this type of savings, in fact I only get 0.018% interest for 6 month deposits, so it's better for me withdraw and allocate in mutual funds, bluechip stocks and government bonds.
 
Starmix said:
I engaged with trading, I capitalized it and after I sent my deposit, I was stunned when they required me to send an upgrading fee which I think wasn't right because I had not started my trading yet but why should I upgrade right away more than the deposit? I was scammed instantly and wasn't able to manage my money with sense.
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Suba said:
Since the beginning of 2023 I no longer use banks as a place to save/store money, because since then the banks in my country no longer give interest for this type of savings, in fact I only get 0.018% interest for 6 month deposits, so it's better for me withdraw and allocate in mutual funds, bluechip stocks and government bonds.
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Well, I really do not know why people try to earn interest in the first place? Interest just puts extra burden on the borrower. This is why I consider earning interest as unethical practice. Trading in commodities is far much better than earning interest. Secondly, you should trade and use reliable brokers. You must conduct proper research before depositing money with any kind of broker. This is the first thing you should do.
 
Passionate-writer said:
Well, I really do not know why people try to earn interest in the first place? Interest just puts extra burden on the borrower. This is why I consider earning interest as unethical practice. Trading in commodities is far much better than earning interest. Secondly, you should trade and use reliable brokers. You must conduct proper research before depositing money with any kind of broker. This is the first thing you should do.
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Because initially the bank gave interest for all types of savings but since they didn't give interest there were only a lot of fees, such as monthly fees, ATM fees, Mbanking fees, etc. So if we save $1000 in a few years it will be zero because fees are always deducted. Trading does not earn interest but profit/loss.
 
No, in fact, I not only save in the bank, but I also save in gold, Bitcoin, and cash, I don't trust only the bank to have my savings, in fact, I think it would be too naïve of me and very little financial culture, one should diversify their savings because what would happen if your bank collapsed?
 
riberet19 said:
No, in fact, I not only save in the bank, but I also save in gold, Bitcoin, and cash, I don't trust only the bank to have my savings, in fact, I think it would be too naïve of me and very little financial culture, one should diversify their savings because what would happen if your bank collapsed?
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It is always to diversify when it comes to saving your money. A person cannot put all of his eggs in a single basket. Banks cannot be trusted. Recently, some people claimed that banks would take the responsibility of certain amount of funds, not all the funds that have been stored in the banks. This scared many people.
 
Passionate-writer said:
It is always to diversify when it comes to saving your money. A person cannot put all of his eggs in a single basket. Banks cannot be trusted. Recently, some people claimed that banks would take the responsibility of certain amount of funds, not all the funds that have been stored in the banks. This scared many people.
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Exactly, banks never have the total of your capital, but they use it for their own benefit, your money there is just an accounting number, if all customers were to withdraw their money from the same bank at the same time, they would not have the money to pay them because they do not have it, you have to be very careful with banks nowadays.
 
riberet19 said:
Exactly, banks never have the total of your capital, but they use it for their own benefit, your money there is just an accounting number, if all customers were to withdraw their money from the same bank at the same time, they would not have the money to pay them because they do not have it, you have to be very careful with banks nowadays.
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There are many people who do not trust banks. They use petty cash and utilise cash assets in order to save money. This is also a good strategy as well. When you have cash assets, you easily save money. Some people also buy fixed assets in order order to invest. Both the ways allow people to save money.
 
I am one of those people who trust banks very little, that's why I use them little and don't leave much money there, I prefer to have my money in cash or invest it in other assets in the form of savings
 
riberet19 said:
I am one of those people who trust banks very little, that's why I use them little and don't leave much money there, I prefer to have my money in cash or invest it in other assets in the form of savings
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I think there are many people who save their money in many online banks and this also includes many payment processors as well. We must remember that saving money in online payment gateways could be quite risky as well, especially when they payment processor is not regulated.
 
Passionate-writer said:
I think there are many people who save their money in many online banks and this also includes many payment processors as well. We must remember that saving money in online payment gateways could be quite risky as well, especially when they payment processor is not regulated.
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Well, not only payment processors, In my case, for example use the neobank revolut which is in a foreign jurisdiction, that is. in Lithuania, and I feel safer sometimes in that bank than in other banks of my country, fully online banks are sometimes better than traditional banks, payment processors on the other hand, It's risky to have a lot of money there, that's why they are called a payment processor, because it's for processing payments, for example to your bank account, not to store money.
 
riberet19 said:
Well, not only payment processors, In my case, for example use the neobank revolut which is in a foreign jurisdiction, that is. in Lithuania, and I feel safer sometimes in that bank than in other banks of my country, fully online banks are sometimes better than traditional banks, payment processors on the other hand, It's risky to have a lot of money there, that's why they are called a payment processor, because it's for processing payments, for example to your bank account, not to store money.
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I have been always reluctant to save money in banks and this is why I have been considering saving in in payment processors like Skrill. Skrill is regulated by the financial conduct authority. However, despite, this, I am not sure if it would be a wise idea to save your life savings in there.
 
Saving our money in the bank is safe than keep it at home.
It isn't a wise idea. It's better to rollout that money through investment to gain profit. Bank gives very small interest but money is safe.
 
Starmix said:
Saving our money in the bank is safe than keep it at home.
It isn't a wise idea. It's better to rollout that money through investment to gain profit. Bank gives very small interest but money is safe.
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You are right, keeping our money in the bank is only to protect it from getting stolen, but we don't get any profit from holding our money in the band, instead investing on small things could help us to make some money from it.
 
Kirubel said:
You are right, keeping our money in the bank is only to protect it from getting stolen, but we don't get any profit from holding our money in the band, instead investing on small things could help us to make some money from it.
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While we aren't yet ready to invest or do business, have the money saved in the bank to protect t against robbery attempts. We can't also trust a family member.
 
Heatman said:
Banks are normally known to where to save our money and carry out other kinds of transactions.

Do you use banks only for saving your money or do you have your money saved in other places?

What's the best place you think money can be saved and in what form that's better than keeping it in the bank?
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To be honest, i don't save my money in the bank because it won't yield any profit. I do save my money in my cryptocurrency wallet.
 
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