Should Savings Always Be in Cash?

[Suba]

Since banks in my country no longer pay interest to savers with balances below US$3,000, while those with balances above $3,000 also only receive low interest rates, I personally have to think twice about stashing money in a bank account. Besides being deducted from the nearly $1 monthly administration fee, the value of our money will also decrease due to inflation.

Based on the above reasons, I believe it's better to immediately allocate money in the bank to other assets such as stocks, crypto, etc. I also set a maximum limit for all bank accounts of no more than $1,000, whether for emergency reserves, personal or business purposes. So, do you think we should always save in cash and keep it in the bank?

 

[eLdavis]

There is no law that says savings has to be in cash, i have seen people save in things like real estate, crypto, gold and so on.

 

[freelancermaria]

No. You can try other methods, too. You can try local or international stocks. In my case, I currently prefer local stocks.

 

[Starmix]

I do save, invest, and do business offline and online. I always need cash for my staff, bills, and daily needs, so the savings are there in the bank, and my investments are there on standby.

 

[Fidelia]

When savings is not in money, it becomes investment. If you buy gold as savings, it is now an investment.

 

[Springtime]

Saving cash is most common. If you buy gold, stocks, there is a chance to gain profit or make a loss. That is investment. When you save cash, you can put money in the fixed deposit account which offers a better interest rate.

 

[Starmix]

Saving doesn't only imply money, it could emply reputation, dignity, virginity or face value. They are also very important to save because losing them means losing money.

 

[Augusta]

It is your preference it is whatever you want. It should necessarily be a cash savings.