What are the disadvantages of saving money in the bank?

[Profwriter]

The only disadvantages of saving money in the bank is that it won't yield much profits when compared to what you won have gotten if you had a successful business enterprise. Keeping money in the bank poses zero risk as long as your banks sensitive informations are safe with you.

 

[Mama]

Saving money in the bank does not increase the earning or money in the bank at any period. So why keep money in the bank when there are lots and lots of investments one can do to make more money

 

[Kingsley]

The major disadvantage lies in their scrupulous deductions and unwarranted bank charges, they make unnecessary charges, then sometimes there is always difficulty of withdrawing your money from the bank, and their is the problem of making payment too due to thr lengthy queue.
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The major disadvantage lies in their scrupulous deductions and unwarranted bank charges, they make unnecessary charges, then sometimes there is always difficulty of withdrawing your money from the bank, and their is the problem of making payment too due to thr lengthy queue.

 

[abubakar3141]

Minimum Criteria for equilibrium. Many savings accounts have minimum requirements for balance or recurring payments for maintenance. ...
Low rates of interest. ...
Federal Caps on Withdrawals. ...
Availability and access. ...
Rates can alter. ...
With inflation. ...

 

[Abbeyola]

Due to my experience with many banks folding up, I've developed more interest in this subject. Are our money safe in the bank?
What would happen if a bank folds up, Will our money be gone? are there ways to retrieve our money?

The disadvantages of saving money in the bank is that you are not letting the money to be put into any form of investment by you,and allowing your bank to use your own money for granting out loans to their customers, making high interest from them.

 

[Planet408]

Despite numerous advantages in saving money in the bank. Yet, nothing with advantage without any single disadvantage. I have never seen my savings in the bank rise or increase in value or in qauntity. Banks will always continue to deduct some monthly charges. The charges appears to be infinitesimal but it definitely amounts to something when they deduct from millions of people.

 

[Onachukwu]

Saving in the bank will make u poor slowly because banks takes a lot of little little charges every month but never put aanything for your into your account 9r saving with them. Since i started outing money in thee bank i have never seen anything like saving interest before

 

[Fabby]

You account might be hacked and besides Saving does have downsides though. Due to inflation, the money you save will decrease in value each year. If you earn interest, that interest may partially offset the negative effect of inflation. Unfortunately, interest rates rarely keep up with the rate of inflation

 

[tublack]

Minimum Balance Requirements. Most savings accounts have minimum balance requirements or monthly maintenance fees.
Low Interest Rates.
Federal Withdrawal Limits. Access and availability. Rates can change.inflation.
Compounded interest.

 

[eojo2401]

If you save money in bank, the bank will be giving you peanut as interest on your deposit. They will even find way to reduce you balance with unreasonable charge like SMS charges, ATM maintenance charges VAT on interest and so on.

 

[WhiteHouse]

Saving "like insane" is a decent beginning. Nonetheless, the situation is manipulated against saving by the different world banks. There is something many refer to as swelling. That implies a unit of cash today will purchase around 1/2 as much every 10 to 20 years, contingent upon which money it is.

In this way, to become rich, so should build up the propensity for saving. Be that as it may, you should likewise figure out how to utilize the cash you saved to purchase resources. A resource is something you own which increments in worth.

 

[Joseph555]

if you save money in the bank, you will be doing yourself more harm than good the commercial Bank will not have even one kubo to your last balance do they are trading on that your money but interest can never reach you they have useless the banking system especially in my country I hope you know what I'm talking about

 

[Presh1503]

I don't saving money in bank as a lot of disadvantages because it has more advantage to it than disadvantage but the only disadvantage I can spot is not actually the banks fault but the nation's economy which is about devalue of money

 

[Ifesolomon38]

With my own ideology the disadvantages in saving money in bank can lead to minimum balance requirements because most savings account have minimum balance requirements or monthly maintenance fees. Low interest rate, federal withdrawal limits, access and availability, rate and charges, inflation and compounded interest.

 

[Olubayo12]

Due to my experience with many banks folding up, I've developed more interest in this subject. Are our money safe in the bank?
What would happen if a bank folds up, Will our money be gone? are there ways to retrieve our money?

You are enriching the banks with your hard-earned money, theyonky pay a tiny little of your money back to you as interest and unfortunately greater part of the interest is deducted again as service charge, ATM card maintenance fee, SMS alert charges and sometimes postal stamp duty charges. putting money in banks is like slavery.

 

[Defaith]

Bank deducts numerous fees at the end of every month, instead of adding interest, this decreases the money you are saving up to invest and it makes your plan fail

 

[Bart Simpson]

As long as you have your money in the bank, even though the bank goes bankrupt, fails, or needs to be bailed by the central bank because the bank or nation went bankrupt, you will still be able to get your money out without any problems at all (Read the rules on your local bank). but the big drawback is that you will potentially lose a lot of money because the interest rate you receive on your savings account is lower than the inflation rate and you can see your money losing value as a result.

 

[mayreeh38]

Savings in the bank is most safest way for me to keep my money here in my country, Nigeria. Although sometimes, they deduct some certain amount for some charges. But even with that their services are okay, and your money is safe with them.

 

[Kingsley]

The following are the challenges
1. Reduction in your money due to bank charges
2. Scrupulous deductions
3. Unsolicited deductions for atm
4. Monthly charges
5. Some unreverse transactions leading to lose of funds

 

[Abu4exel]

The disadvantage for saving money in the bank is that, when the bank fold up, you wouldn't be able to recover back your savings 100%,instead you will receive part of it. Also, if you have money on fixed deposit and you want to collect it back, you will have to wait for 14day ultimatum before you can collect it. Even when you need it urgently.