What are the disadvantages of saving money in the bank?

[Peterlight]

I

Banks are insured, if something happens to them you can claim your money back. The only disadvantage is stamp duties. I once deposited 15,000 in the bank and after a month it was reduced to 14,100. They claim it's and charges, card maintenance, duties etc.

I will never accept that, how will they deduct a sum of 900#, that's just too much. I would rather safe my money in the bank than keeping it in that bank.


My bank doesn't require much except you haven't saved in a long period.

 

[Kaindio Agnes Wanja]

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 for the money to yield interest it will take a bit longer period of time and even the interests is not that large amount that you can even proud of.
So instead of saving your money in the bank,it is better to invest it

 

[Monarehman]

In my opinion there are some disadvantages of savings money in bank. The one is bank takes interest and when we put some amount on your bank account bank deduct taxes and other charges also. And some banks may become defaulters.

 

[Life drama]

The rich people does not work but the poor always work with little profit thereby their money works for them so saving your money will not make your business grow so start investing your money today and make more money

 

[Adegbindin Abdullahi]

The disadvantage of saving in the bank is that you’re usually no going to get too much interest while it’s just sitting there. Sometimes 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 for few months

 

[Sotherefore]

I don't see any serious disadvantage of saving money in the bank because a bank is a recognise and government approved organisation that one is free to save his or her money but the only thing I might consider a little bit of disadvantage is that the money you save in a bank does not generate much interest rate compared to the one you invest in things like cryptocurrency. There is nothing wrong with saving money in the bank.

 

[Omonijo01]

The disadvantages of saving money in Nigeria bank varies but during the time the money is needed wee expirence stress we never experienced when saving the money. Stap charges sms charges alot of charges

 

[Subhan abbasi]

First Disadvantage of saving money in bank is they hold your amount for a several time and you can't withdraw it because of bank policy. Incase of urgent need if u will break policy definitely they will cut some amount from your money.

 

[Life drama]

Saving of your hard earned money in bank,will not make your business grow. You must always look for a way of investing your money for a prosperous buisness,you are helping other people buisness by saving your money in bank.

 

[BrolySSJ]

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?

There are banks that have gone under and that did result in a lot of losses for their customers however that is why it is very important to be able to make sure that the banks that you invest in is reputable and that they have been around for a sufficient time so that there is no concern with their liquidity.

 

[Lyrrex]

There are banks that have gone under and that did result in a lot of losses for their customers however that is why it is very important to be able to make sure that the banks that you invest in is reputable and that they have been around for a sufficient time so that there is no concern with their liquidity.

I understand your point but do you think that a bank being around for a sufficient time can guarantee their genuineness ? Because I know of some Ponzi scheme that I've been around for more than three years but at the end of the day it fold up and everyone was disappointed, I think the best thing for us to do is to invest in any company that is fully approved by the government. How do you see my point?

 

[Damscooguns73]

Concerning banks. I believe bank is a place for storing money and valuables, no one has access to your money and valuables except the rightful owner. It also helps to cut some spending, only disadvantage there is when your banks fold up

 

[BrolySSJ]

I understand your point but do you think that a bank being around for a sufficient time can guarantee their genuineness ? Because I know of some Ponzi scheme that I've been around for more than three years but at the end of the day it fold up and everyone was disappointed, I think the best thing for us to do is to invest in any company that is fully approved by the government. How do you see my point?

Yes I do see your point. And there are many ponzi schemes that are out there unfortunately. In fact there are many that impersonate bankers as well in order to get people to be invested in their Ponzi scheme. Perhaps it would then be best to stay with a bank that is accredited by your government? Would that be considered to be an option in such cases?

 

[Afoskalex]

Saving money in bank does not give you much interest as compare to investing the money. It is part of the money you saved that bank will still be deducting charges like SMS.

 

[Sariana23]

This will be the first time am hearing bank folding up before and it is bad that your money will be lost if they fold up

If in fact this happened a few years ago, it was very devastating for customers. There were cases in which some banks merged and the others unfortunately remained for history. Today, I personally try not to leave money in the banks first because of the constant devaluation and the surprises of the closing of the banks.

 

[Holluwaphemmy]

There are many disadvantages involved with saving money in the bank.
1. Reduced utilization of money. Banks has made many people to stop the utilization of their money on profitable business.
2. Reduced income generation. Bank has reduced the total income some people are meant to be enjoying

 

[Heatman]

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?

For a bank to fold isn't something that happens very often, but in a situation whereby it happens I believe that there is a way which customers money are returned but the process takes a long time.

 

[Adebayonle7]

The greatest disadvantage I see in this is the low interest rates banks offer in comparison to the unbearable interest rate they give when they lend out money. It is safe to invest money in businesses or companies with a higher return on investment than into a bank with a lower interest rate. Although the goal of keeping money is to make it safe from spending or keeping to spend at a future date, but why keep it in a bank where no value is added to it than keep it somewhere it can increase overtime.

 

[MarieArie]

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?

Banks in Nigeria can be frustrating. You will struggle to save your money and go through lots of stress to get your money. They haven't learnt how to interact well with their customers in this regards.

 

[Lyrrex]

Banks in Nigeria can be frustrating. You will struggle to save your money and go through lots of stress to get your money. They haven't learnt how to interact well with their customers in this regards.

That is absolutelyt what is going on and it's always so annoying that you go through all the stress even for a simple thing as withdrawal will not even be made easy and possible for people to just withdraw,I just hope they really try as much as possible to improve their own banking system because this is really so bad
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For a bank to fold isn't something that happens very often, but in a situation whereby it happens I believe that there is a way which customers money are returned but the process takes a longbanks isregistered with the government and for such thing to happen the government must be aware of the assistant document that sign that if the bank run or try 2D people in one way or the other

Yes I do see your point. And there are many ponzi schemes that are out there unfortunately. In fact there are many that impersonate bankers as well in order to get people to be invested in their Ponzi scheme. Perhaps it would then be best to stay with a bank that is accredited by your government? Would that be considered to be an option in such cases?

Yes I think that's the only way to eliminate or to prevent our self from falling into the hands of scammers,that's why if you are going into investment you should invest on something like the government Bond or treasury bill if you are in Nigeria or Africa, this can really help you because they are all backed up by the government, I don't know if you have invested in treasury bill before.
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For a bank to fold isn't something that happens very often, but in a situation whereby it happens I believe that there is a way which customers money are returned but the process takes a long time.

yes there is a way of customers getting back their capital or investment but sometimes anybank we are doing business with must be registered with the government,is the bank that is running away with my money is registered with the government obviously this way we can get our money back but if it's not registered there is no way to get that money back that's what I think I don't know if I might be saying the right thing.