What are the disadvantages of saving money in the bank?

[RETIRED SINNER]

The advantage of saving money in the bank is that no body will steel your money, you are the only one who has access to it .

Bank charges has proven to be one of the layoffs and reason why people do not save money in banks, the charges are becoming so huge nd grossingly big, atm maintainance, sms alert all this posese great demerit to bank saving schemes and is very discouraging

 

[Smithkid]

The disadvantages of saving money in the bank are make,there are some banks that are not up to standard and might fold up any time putting you at the risk of loosing your money,some banks gradually deduct out your money for unknown reasons,your money won't grow.

 

[Felixko]

Using a savings account to save money for later, automatically gets “inflation risk” meaning your losing buying power with those money.
If your money isn't growing by the inflation rate, which is around 2%, then you've got to spend more.

 

[Blessedsam60]

For sure, if a bank should decide to fold up or close finally close its operations. Then the bank will have to go through some legal process to repay all her customers otherwise they will be sued as the case maybe. But this is why decentralized banking system is now advisable such as blockchain technology adoption. No folding up 100%

 

[Quert]

The rates are volatile, interest rates for savings accounts are flexible, which ensures that financial institutions are free to set and adjust interest rates whenever they wish. High-interest savings account rates will remain generally in line with federal rate fluctuations.

 

[Taimoor Jutt]

There would be many problems regarding bank account. First of all there should be minimum money restrictions for resume our account. Then in my country if we debit 50k + PKR money than there will be deduction of 600PKR and if we debit 100k+ PKR it will be charged 1200PKR so it means every 50K will consume 600 more.
This is the big problem in My Country Pakistan.
We have to fill check or go to bank for debit our money. Money can not be increased in Banks.
The biggest problem is Bankrupt in every country.

 

[Rashid]

It has a lot of advantages as no one can steal it, no deduction, no fear of loss. But If we talk about disadvantages then if it folds up our money will also be gone because if there will not any account or record in their data so you have to face loss. But we have to submit or deposit in high standard banks not new banks or defaulter bank.

 

[SayOdumadey]

There are lot of advantages as well as disadvantages...however one of the disadvantages is that the interest accumulated on your money is nothing to write home about compared to when you invest it on something else
[automerge]1611808663[/automerge]
There are lot of advantages as well as disadvantages...however one of the disadvantages is that the interest accumulated on your money is nothing to write home about compared to when you invest it on something else

 

[Veetos12]

One of the m disadvantages of saving money in the bank is that you're often not going to get a reasonable interest while your money is just sitting there. Sometimes the bank will offer you an introductory interest rates or bonus interest to get you to put your money in there but those usually only last a few months. With the outrageous charges attached to banking system today, I am not encouraged to continue saving in banks

 

[Smithkid]

Disadvantages of saving money in the banks is that is the bank can fold up at any time, the bank even deduct your money without any reason for them of u ask them why did you deduct my money they will give you excuse that is not genuine, there will be also be minimum of money you can withdraw a day and minimum u can transfer a day, also if you want to withdraw your money there may not be service

 

[Diamond07]

Another disadvantage is that your account might be hacked. One reason is that if someone hacks your debit card or finds a way into your bank account they can take all of your money very quickly, and it may take the bank sometime before you get your money back.

 

[Ebensco]

I would advise you to save money in world recognise banks, banks that have branches in almost every state and countries in the world..they are more reliable than banks that have one branch in a nation..they easily go bankrupt

 

[Tollytee]

Disadvantage of saving money in the bank is minimum balance requirements, lower interest rates than other accounts/investments, and federal limits on saving withdrawal. If you're fortunate enough to have extra money for long-term goals, first, pat yourself on the back

 

[Shigobad20201]

Theres only dissadvatage in saving a money in a bank, bank only gives a little interest on the money you save with them while they (bank) borrow people your money as loan and take high returns while they give you the owner if the money mere peanuts as interest

 

[Sheyemanu]

Thinking about this question on the disadvantages of saving in the bank, I'm trying to wrap my head around it but I can't really find any disadvantage maybe except for the fact that banks offer very low interest rates and if you put the same money in an investment portfolio the money will grow faster

 

[mayreeh38]

I thinks the disadvantages of saving in a bank is minimal. I have found myself in a long queue just to get my money from the bank. Sometimes their services can be slow and annoying. Aside that ,I think the bank is a safe place to save money.

 

[Judee201]

i hear people say that cash left in the bank would continuously loose value and with the plight of the naira against the dollar...i am beginning to believe them.

so my question is......what is the best line of action....for money u dont need at the moment. some say start another business(which is not an easy task)....some would say buy a land/property(i have two plots of land which i bought with my hard earned money but are now in dispute).

 

[Sariana23]

This is a very big challenge. You run at loss when the value depreciates, so in that case it is more advisable you invest with your money and expect a reasonable return instead of stocking your money in bank Without any reasonable return

You are right @Damismiling , saving money in the bank does not benefit me, otherwise I leave my earnings online in the Paypal wallet or in AirTm. when I have need, I transfer the amount to my bank account and use them all at once. While I keep saving to make a good investment that generates profits.

 

[Michaellee]

Banks are not like before where you will keep your money in a savings account and when its stays there for a period of time it will appreciate . now it is so hard to save you money in the bank. Even to withdrew is another story entirely, talkless of the the charges and bad network.

 

[Felixko]

There is an opportunity cost to keeping money in a bank at what is basically zero interest and making a better return. People with lots and lots of capital will have different concerns, and for them it makes sense to lean on investing. But for the average person i will say you want to just sock most of your money into the bank which may end up for you losing your money if the bank collapse.