What are the disadvantages of saving money in the bank?

[Ruthyfizy]

The advantage of saving money in the bank is that no body will steel your money, you are the only one who has a

Even though a person has access to his or her bank account, saving money in a bank still has disadvantages..for example there are compounded interest placed on the savings account which makes the full potential of the money not always realized..

The advantage of saving money in the bank is that no body will steel your money, you are the only one who has access to it .

 

[christykemi]

Saving money in banks should not be a long term process. It is better to just save up for a while and invest as soon as you can.

 

[Khezo]

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 keeping money in backs is a no no. The money just end up there not growing just there. The same vaue put in is the same value I would see when I am ready to withdraw or use the money. That's not wise. But the issues of bank folding up and one losing money, that I can't say anything about. I better leave that to the experts. Never experienced such.

 

[Dylinks]

Saving in the bank in someway assist people in their spending habits a little. The only two disadvantages are:
1. Keeping money in the bank doesn't give you access to draw all your savings because they will charge you administrative fee when closing down such account.
2. Aside bank using your money to trade, the interest alloted to individuals is too small.

 

[Nicklas22]

• 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.

 

[Mastercoded]

Illegal deduction and mean behaviour of some bank workers

 

[Lyrrex]

For keeping money in backs is a no no. The money just end up there not growing just there. The same vaue put in is the same value I would see when I am ready to withdraw or use the money. That's not wise. But the issues of bank folding up and one losing money, that I can't say anything about. I better leave that to the experts. Never experienced such.

well I'm really confused about the question I was asking but do you think that the government of the people will just allow the bank to fold up like that and dube thousand of people without them doing anything about it ?sometimes the CBN always present a requirement that is needed for someone to start or establish a bank I think this can govern people who are saving money in the bank in case of fold up

 

[BrolySSJ]

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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.

This is true. Making use of a bank does come with a lot of additional charges for your statements and so forth, however depending on the term that you invest for you can get a decent interest rate. Not as high as investing your funds in something else like stocks, however the risk is much lower in the bank. So I guess the question comes down to choosing between profit and high risk or low profit and low risk. A hard question for everyone.

 

[Abiodun omolayo]

Saving in the bank does come with a lot of disadvantages. Firstly is the exorbitant amount they withdraw for whatever charges they claim to remove. Saving in the bank also does not really yield enough profit as investing. And so I wouldn't advice saving in the bank at all.

 

[jemo]

They have very low interest rates.Imagine if you invest that money in a good business or crypto it could have increased to a great extent.The only good thing about keeping money in banks is that it is safe.Growing your money through the bank is not a very good idea

 

[Sammyesx]

I don't think their is any serious disadvantage of saving money in the bank. The purpose of saving is for future use, so your money is 100% percent safe in the bank, though you might zero or little interest on the money.

 

[Afrinish]

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?

 

[Frank]

I understand that some people recovered part of their savings, through the government but many others lost everything. It is unfortunate

Does that mean that there is nothing the bank can do about this? It's simply unprofessional, if you ask me because people saved their funds in the bank most especially because of the trust that they have in those banks.

 

[Asad Ali]

There is no point in saving money in the bank because if you save it for 1 year, then the value of things will increase and the value of that money will remain the same.It is better to invest this money So that money can grow the business And to make a profit from it. The advantage of growing a business is that it will increase your earnings.

 

[Abibatabosede]

The biggest disadvantage if a bank fold up is loss of your money. There should be a law that prevents the money kept in the bank from being loss if anything happens to the bank. This has caused a lot of harm to people in the past.

 

[singlej007]

Well, saving money in the bank is just for keeping purpose it will not yield any profit. As for losing your money if the bank fold up, I think is difficult at this 2st century, because all banks has a minimum deposit with the central banks before they can function as a bank.. But saving large money in the bank is no ideal.

 

[Eyiteepraise]

Saving money in the bank is sometimes is sometimes not advisable because of the :
1. Operating expenses
2.slow processes and high commissions
3. Low stimulus to savings and
4. Limitations in online and virtual banking

 

[Bilal0087]

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 not much disadvantages of saving money in the bank but it will never give you good profits, instead of just saving money in the bank, a person should circulate it by investing in different business.

 

[Emma Aneni]

The biggest disadvantage of saving money in the bank is when you have an ATM card. Yes it’s great to have an ATM card because of any emergency but it becomes an issue when you begin to withdraw money unnecessarily.

 

[Adeyoola7]

• 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.