What are the disadvantages of saving money in the bank?

[Dowenship]

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?

Well up till today saving money in bank is safer compare to saving at home, since the inception of bank, i still find back more safe than keeping it.

 

[Richard92]

From your write-up it shows you're scared of your savings. Lol, here in Nigeria each bank is covered by what we call NDIC the function of this agency is that if a Banks folds up now your savings would still be intact. It is basically like an insurance cover.

One of the disadvantage of saving money in the bank is 1 unnecessary charges every month bye the bank this helps in decreasing your money balance, saving money in the bank does not appreciate or rather depreciate because you always withdraw to solve your expenses.

 

[Bousine123]

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?

Asides what you have said, saving your money in the bank has lots of disadvantages. One is that the bank uses your money to get richer through investments, so you should invest rather than save.
My 2 cents though.

 

[kayode10]

One of the major disadvantages of saving money in the bank is that inflation will eat off your savings. This is the reason why you should always try hard to invest your money in an asset that will continue to bring in more money.

 

[JoeTom]

So many disadvantages, bank is a place you'll have to do an advantage business with them before your money is safe, not just dumping your money and off you go...bank charges at times are enough to start a business. So it's not advisable.

 

[Heatman]

When you are saving money and you're not making any kind of interest from the money that you saved in your bank account it makes it a very useless project for you to do. As it's far more better for you to invest their money into business and make profit from it always.

 

[Ghost1]

The money u save in the bank doesn't increase that's the major problem. In my country there are lots of unecessary bank charges, I believe this is another problem

 

[Dagm1]

Conserving cash in financial institutions ought to certainly not be actually a long-term point. It is actually much a lot better to simply conserve up for some time as well as spend as quickly as you can easily. This assists to defeat inflation to a degree.

 

[tyrim88]

There is definitely no course for alarm when you are saving your money in a bank.The money you are keeping in a bank are all insured by a deposite insurance scheme,and in the case of liquidity the bank would be nationalised and you will get your funds back by the government buying back the bad loans,and settling depositors.

 

[Immilash]

Saving money in the bank is nice ,but it has allot of disadvantage ,you can save money in the bank, the bank uses your money an be making profits ,you are the one that supposed to invest that money an be gaining profits , sometimes investing might be also risky ,you will invest and it will fail ,but don't see failure as a new thing ,just think of the one that will be the best ,if you will be ok saving that's great so also as investing.

 

[Godspower]

Saving money in the bank actually has very little or no disadvantages at all. Apart from maybe not having cash at hand during emergency, there is no risk of losing your money even if the bank folds up since most banks are usually insured by big insurance forms or government regulatory bodies.

 

[Kubiat-Abasi]

Saving money in the bank in this recent times has a lot of disadvantages. You would put money in the bank and the next minute, your money is deducted indiscriminately even without a cogent reason and without a transaction alert. Banks are just more fraudulent and exploiters because even when I lay a complaint they will just bypass it!

 

[Kaffyfolla]

Most savings accounts have minimum balance requirements or monthly maintenance fees. If your savings account falls below the minimum balance requirement, the bank will deduct fees from your account, negating from interests you earned.

 

[Toyoabasi]

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?

I am not certain that people can retrieve their money if a bank they saved with folds up.
Saving money in the bank is advantageous because of security reasons. Banks are making savings difficult with them by making outrageous deductions from their clients' little savings.

 

[Skysaint]

One of the disadvantages of saving up all your earnings in the bank is that you will end up creating financial stagnancy for yourself as your money can't increase but decrease due to the regular bank charges

 

[Immilash1]

I don't really see the disadvantage of saving money in the bank,but many people says it will gradually make you poorer have never saved my money in the bank,I invest them.

 

[Suba]

In my country, every type of savings at an official bank, whether it is a state bank or a private bank, will be guaranteed by the government with a maximum limit of $14,000, so as long as your savings are below the maximum limit, it will be safe. If your savings are above the maximum limit, for example $20,000, the priority is replaced with only $14,000.

 

[Lucy ID]

Saving money in the bank this days especially in my country is a waste of time, money and resources instead look for something very profitable to invest in there is absolutely no advantage in saving in the bank

 

[kayode10]

Inflation is the major reason why it is not advisable to keep your money in the bank as savings. Inflation will render the money you are keeping in the bank useless over time. The best thing is to invest your money to bring in more money for you.

 

[ganibade]

Disadvantage of saving money in bank.To save money in the bank is not risk like that but has some lay down rules to follow in order to achieve your goals as a customer.