What are the disadvantages of saving money in the bank?

[Trexxxy]

There are advantages and disadvantages to saving money in the bank. Here in my country you get charged some minor bank charges at the end of the month, and sometimes what you consider minor ends up being significant. Another disadvantage is that saving money in banks is just enriching the bank, the money isn't working for you.

 

[Vladv26]

Banks usually don't just go down all of a sudden unlike other businesses that can declare bankruptcy suddenly. As long as you keep your money into a well know bank from your country you shouldn't have any problems.

 

[Presido]

Saving money in the bank to me doesn't have any disadvantage because bank is the safest means of saving money, but at the same saving in the bank closes your eyes those things you should have invested in with the money

 

[Ridorz]

In my country, with bank that I'm using I do not see any disadvantage in it, except the only experience of make of standing if I want to save money or make complaine inside bank due to population. I can be on queue for two to three hours before my turn.

 

[Patrik]

The only con or disadvantage i see are the reductions that you get cut from month to month, but i don't think they are a big deal since your money is safe there and you got nothing to worry about, that's the only bad thing

 

[Adexgrace]

Despite bank being the best and save place to keep our money till when needed. It also as a lot of disadvantages such as reduction in the exact money deposited, following of long procedures before getting your money when needed and also bank charges and the rest.

 

[Snobar Bilal]

Savings is important in life and the part of the life.Many people save money in bank and their money is save in bank .nobody can steel it.If u think that bank is closed and money gone So its your luck.In these days People used bank accounts to save money.

 

[Tunnexisco]

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?

Money saved in the banks are kept save, as long as it is a recognized banks that is certified under the central bank of the Nation, there would be nothing to woody about, even if the bank eventually folds up, the money saved will be retrievable.

 

[Janita]

You will need to check with your bank to make sure you are meeting this requirement.
Most savings account offer ridiculously low-interest rates.
Depending on the type of savings account you have, you may be required to keep a minimum balance or otherwise, you will be charged a fee if you go below this amount.

 

[Adexgrace]

As we all know that banks have been of more advantage to human kind in the aspect of keeping our money till when needed. Nevertheless it comes with some disadvantages which makes people complain and see bank as a bad idea. One of which is the excess withdrawal of customers money in the name of bank charges.

 

[maventiger]

Personally, Inflation has been the major disadvantage of saving in the bank. Persistent increase in price of commodity over time makes the purchasing power of the money saved decrease. Personally, inflation has been the major reason I don't save funds that will be unused for more than three months in the bank.

 

[btaliat]

In my country, there are many disadvantages that may even discourage you from saving with banks. Among them are poor network, long queue on the atm gallery. And at times, unnecessary deduction of your money on petty reasons.

 

[Richard92]

One of the disadvantage of keeping your money in the bank is that you do not get your money on time when you need it or when you want to make use of it, most times the banks gives you excuses like network delay. Another disadvantage of saving your money in the bank is excessive charges on your transactions and this can be annoying sometimes when it keeps occurring .

 

[Divulgence]

Bank will keep charging whether you keep using your account or not and keeping your funds there will produce lower returns because of the effects of interest

 

[Ojonuyo]

To me saving in the bank has more advantages compare to it disadvantages.besides I see no disadvantages to saving my money in the bank. For heaven sake that is the safest place to keep your money still forever. You do not have to entertain fear or sleepless night when saving in the bank. Just that your money is at the risk of scammers who disguise as bank worker. And also their little monthly charges, that I see no reason for you to worry about that.

 

[Goodday]

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?

This is a main condition we have to always look at before saving money in ghost banks maybe with higher interest rate. In our plans you can secure your savings by using the commercial bank to be doing savings and other few banks with great liquidity.

 

[Mujahid12]

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?

In my point of view Bank is best option for saving money if we save in home lockers or any other place it will be big mistake and very risky because now a days robbers are active so we should save money in banks.

 

[Erik4150]

I can't think of any disadvantages of saving money in the bank except monetary devaluation. Also bank charges, maintenance fees are also extra price you have to pay for saving your money in a bank. Even with that, I would still advice anyone to save money in a bank. It is the safest option.

 

[Patrik]

You get safety for your money in the bank, but you pay for that safety, it shouldn't be called a con or disadvantage because you are simply paying for a service, you pay some other fees and cuts, but they are few that aren't worth complaining about

 

[Mary]

Saving money in the bank might yield the following;
Minimum balance requirements, because there are limits to what you can withdraw from your account. It also has lower interest rates compared to investing the money and it also have federal limits on saving withdrawal