Piggy Bank Or Commercial bank

[Nurudeen]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

 

[Lyrrex]

Piggy banks may not be the best option because it also risky. why not sign up for a virtual bank with very low fees

 

[Alexandoy]

Wait a minute, I got confused. Do you mean to say that in Nigeria banks charge a fee for keeping your money? That is quite strange to me. Here, banks pay an interest on the deposit no matter how small. I think the rate now is just 1% per annum. But still and all our money is safe in the bank and I don't pay a fee. Some of my cash are in my piggy banks - several hiding places in our home are my secret stash of cash.

 

[Zihann]

Mate you have to pay charge in Nigeria!
actually we can have to pay but it can cover by getting interest. In our country we get 3.5% interest annually. as low as

 

[mattyrukee]

Piggy is good but risky. It might eventually have an expiring date. Lol

But if it eventually continues with there rate the. It's better

 

[Hades]

It's still safe for you to save in commercial bank rather than keeping it in piggy bank at your home cause if you are not disciplined then you can't keep one

 

[Shaffy]

The ease of using a piggy bank is underrated.

But it's not suitable for large sums of money, and it's not safe too.

I only use piggy bank to save for short-term projects.

 

[Dubai]

Well, I would still advise you to use the commercial bank for obvious reasons. It is better for your money to be at a safe location while you at rest than to have money in piggy bank that could be easily stolen.

 

[chicnthin]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

Wait, are you paying the banks for storing your money in there? It should be the other way around. The banks are should be paying us an interest. Even if it's small, it still counts.

If I have a lot of money, I would save it in the bank instead of piggy bank because it's safer in there.

 

[Life drama]

None of them are advisable or profitable,why can't you and acquire more capital either by loan from a bank or from friends to add up to the existing one you wants to save in bank, to venture into another buisness or investment.let your money works for you not the other way around.

 

[Omonijo01]

Piggy bank is very risky but with the way Nigeria Commercial bank remove money daily it's now piggy bank is the alternative

 

[Highflyer]

I still prefer having a good savings account to a piggy bank, it has many advantages like;
Interest rate on your savings regularly
You can withdraw any amount at a time and leave the rest unlike piggy bank.
Your funds are still readily available. ...
Your money is kept safe. ...


You can open an account with very little money.

 

[Alogakho Esson]

Piggy bank have no granty and protection it can face environmental problem and physical problem like thief's and it operate at owner risk while bank is well organized and define one can seek loan

 

[BrolySSJ]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

I think that the idea is good if you don't have excessive amount and just to keep extra cash around the house. However it can be unsafe for large amounts. Also in a bank you are able to get interest that may offset some of the high charges whereas you cannot get this for your piggy bank.

 

[GIFTMICHAEL]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

It is a good idea once there is an agreement between both parties.
Do not allow the little charges by commercial banks to make you write them off those charges can be as a result of services charged.
Piggy bank as you mentioned earlier if it will guarantee security to your deposit I can advice you to invest your money where you can sleep well.

 

[Abibatabosede]

Piggy bank is just good for imergency use at home, and this bank requires a strong determinations to be able to use since it is easily accessible.
Then security wise,it is not safe to use at home because it won't have insurance.

 

[Chumzy]

Piggy vest is my preference of the two. Most people are scared of it because it looks like an investment Scheme. They are insure by the NDIC, just like commercial bank, and that instills confidence. Their interest rate is fair.

 

[Damismiling]

Considering the rate at which bank charges for sms alert, stamp duty and other unnecessary charges here in Nigeria I feel discouraged to use bank I rather prefer to use piggy bank to save secure my money or better still I invest in a short time plan or schemes

 

[Khezo]

Considering the high rate of charges from commercial Banks this days in Nigeria, it has been giving customers sleepless night on how to save their money. Now I'm considering using piggy bank, a from of wood designed to house some paper currency and can be broken whenever the money Is needed. Is this idea good to save money or not

I got confused, do you mean keeping money in commercial bank is better or piggy bank.
I would say piggy is good but is not something you should consider to put all your eggs. Like any other site piggy bank make crash one day which would result in loss of your hard earned money.
So make sure you use commercial banks they are better and safer to use . at least your money is guaranteed

 

[Oloritoks]

For me I will prefer commercial Bank irrespective of the charges and levy they impose, because it is secured especially with major and investment savings but you can't try that with piggy banks, where your house can easily be burgled