What are the disadvantages of saving money in the bank?

[Stnicholaz]

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 know all the banks in my country is insured by National deposit insurance Corporation (NDIC). If a bank folds your deposit we be refunded to you after verifications to confirm if you have an account with the company.

 

[Sotherefore]

One of the disadvantage of saving money in the bank is that the depreciating economy of the country will bring down the value of your money after a particular period of time, instead it is rather the best to invest the money in real estate or maybe in digital currency

 

[Abigael]

One of the disadvantage of saving money in the bank is that the depreciating economy of the country will bring down the value of your money after a particular period of time, instead it is rather the best to invest the money in real estate or maybe in digital currency

That is right. The value of your money is at a high stake if you just keep it in the bank. In cases where the country faces inflation, your money is bound to loose value. So it is truly best to invest your money somewhere.

 

[Good-Person]

I think one of the major disadvantages of saving money in the bank is the fact that the government can easily see how much money you own. if you work online and earn money through cryptocurrencies, the government would not be able to know how much you own? Perhaps?

 

[Lens]

The money saved in the bank is secured even if the bank liquidate. The monies of the bank users are secured by the regulatory apex body. You need not worry about your money in the bank.

 

[Seno inyang]

Saving your money in the bank is more safe than having it kept at home because though one's debit card could be stolen and hacked as well but you can't compare it to one stealing your money kept at home, it's more open. The only disadvantage of saving in banks to me is the excess charges most banks are charging now.

 

[Skysaint]

One of the disadvantages is that it is prone to devaluation maybe in the time of recession or inflation, and also you will be losing your money gradually to bank charges so it's better to find something better to do with your money

 

[Abigael]

One of the disadvantages is that it is prone to devaluation maybe in the time of recession or inflation, and also you will be losing your money gradually to bank charges so it's better to find something better to do with your money

That is right. Apart from inflation and recession, you will also be loosing money because of the charges that the bank imposes on the money saved. So you had better look for alternative methods of saving that don't disadvantage you.

 

[kinqzbitz]

Well apart from the fact that your money will be reducing without notice because the bank are always fond or removing charges for so many things and apart from hat I don't know of any other disadvantage

 

[greenie]

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

 

[Kane]

If you do not have better ideas for investment or a business, it is better to keep your money in the bank instead of keeping in your home. If you have large funds, it is better to keep it in a fixed deposit that will allow you to earn a better interest rate

 

[Kvngsammy]

The only disadvantage which not many people realise is that they pay low interest rates while they use our monies to do businesses and profit massively from it.

 

[Matan_z]

despise of the monthly price of the banks I don't see any other disadvantages, the bank is keeping your money safe and in return gets a little bit of money it is very understandable and I don't see anymore disadvantages. Maybe the fact that technically the bank owns your money and not yourself but the bank has to earn money in order for it's employees to live so it would obviously cost a monthly price. I've heard about banks which don't cost you any money but yet invest your money instead, you cannot lose your money and it is completely free, they earn from investing it and you earn your free money.

 

[Shigobad20201]

The money saved in the bank is secured even if the bank liquidate. The monies of the bank users are secured by the regulatory apex body. You need not worry about your money in the bank.

One of the advantages of saving money in the bank that your money will be secured at all time but one of the disadvantages is the low interest on the money and you might not even get any interest instead your money will be deducted unnecessarily.

The money saved in the bank is secured even if the bank liquidate. The monies of the bank users are secured by the regulatory apex body. You need not worry about your money in the bank.

One of the advantages of saving money in the bank that your money will be secured at all time but one of the disadvantages is the low interest on the money and you might not even get any interest instead your money will be deducted unnecessarily.

 

[Arm4n]

The most disadvantages of saving money in bank is that your money will not grow quickly. If you want to secure your money, then bank is the perfect place. Though there is rare case where bank can scam your money, but rare can't be example. And if a bank fold their operation without any notice, of course they will eat your money...So if u want to keep the money secure, choose the trusted brand those who operating their services for a long time.

 

[Robust]

There some many disadvantages of saving money in the bank most especially in my country, the more you save money in the bank, the more you card charges and other unimportant charges will come.

 

[timewo]

The interest rates for bank savings are low, and taxes are high, there are no tax breaks

 

[glitch]

You know how much you have at all times and it is protected. Outside of that, you can get a small amount of interest overtime but because of inflation, you end up losing money longterm.

 

[Lens]

The advantages of saving your money in the bank is so huge because you could be able to keep your money away from theft and the issue of losing your funds when the bank liquidate is not applicable right now even if a bank folds up, your money is still safe.

 

[Sincerem]

There is no serious disadvantage , saving in the bank implies that your money will be more secured than it being anywhere else. Just that investment of money is much more better as more profit will be added to your main capital. That's just the only difference.