What are the disadvantages of saving money in the bank?

[Adegbindin Abdullahi]

The disadvantage of saving money in the bank is that you're usually not going to get too much interest while it's just sitting there. sometimes the 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 few months

 

[Ifective]

Saving money in the bank can be quite advantageous as it is safe. However, saving money in the bank could be disadvantageous as you could get a decrease in your money being saved due to a lot of charges.
Banks nowadays now even engage in fraudulent acts and that can affect your money

 

[Frank]

Usually bank is The Safest place To Keep Money. I Do Know Any Disadvantage of saving money in banks, except while withdrawal and Deposits , the process which we follow are sometimes difficult to complete. Second is we can't get money on vacations.

Well, it is necessary that we understand that any mistakes from our side can make one lose all their funds in the bank. Scammers now use links to deceive people from clicking just to steal their money. This is the reason one have to be careful not to fall prey to such antics.

 

[tuna89]

One of the issues i have with saving money in the bank are the deductions that occur even when you do not carry out any transactions, these fees may not even have a reason for deduction. Another disadvantage is that when the Bank run into problems that prompt them to close down, in that case, money may be lost as no refund may occur.

 

[Usama Iqbal]

I think the only advantage to save money in the bank is that nobody will steel your money. If we keep money in the bank it increased gradually .Now everyone wants to progress and make rich. So they think to investment on some projects. Because it is profitable for their business. So investment is better option from to keep money in the bank.

 

[Psalmsavatar]

In my conscience, saving money in a bank comes with many disadvantages which outweigh the advantages. The first to note the lack of freedom to assess one's fund everytime of need. There have also been sad tales of some banks folding up, thereby making hard earned money of many customers disappear into a thin air.

 

[Kehinde]

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.

 

[Zamaney]

Your Account Can Be Hacked
One reason is that if someone hacks your debit card or finds a way into your bank account they can take all of your money very quickly, and it may take the bank sometime before you get your money back.

Unlike a credit card where the person trying to get into your account can only spend up to your credit limit

 

[iamgroot]

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 is nothing wrong with putting the savings in the bank. Maybe what you think is that the security of your savings in the bank is low. Wherever you put your savings, you can not be sure if it is safe.

 

[Shayo]

Although it is good to save money in the bank, it is much better than keeping it to avoid spending it.
But the disadvantages is much too, saving in the bank means the money will just be sitting there in the account, the interest rate is relatively small and there are limits too.

 

[Adetayo100]

Disadvantage to saving money in the bank is that you're usually going to get too little interest while it's just sitting there in the bank. Sometimes the 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 a few months.

 

[Ibrahim1]

Yes how money is safe in the bank but when you fixed the money in the bank then there's going to be problem in sense that it's not safe because bank can use the money for business and never give you among the interest they gain from it and that really get me sick and they will never mention anything of such for you
[automerge]1611749524[/automerge]
Yes how money is safe in the bank but when you fixed the money in the bank then there's going to be problem in sense that it's not safe because bank can use the money for business and never give you among the interest they gain from it and that really get me sick and they will never mention anything of such for you

 

[Abbas ali]

Savings Account Disadvantages

• 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.

 

[Cybersec]

many countries, your money in the bank will be safe, even if the bank fails, goes bankrupt or merger, because it is guaranteed by the central bank on a limited basis, (Read the rules on your local bank). but disadvantages you keep large amounts of money in the bank, of course you will lose because the interest rate you earn is smaller than the inflation rate, so the value of your money will decrease.

 

[Youngdee]

Savings accounts aren’t as flexible when it comes to moving money as checking accounts. You can deposit money in a savings account as often as you want, but federal banking regulations restrict you to six pre-authorized, automated, or telephone transfers or withdraws in a day and this can be frustrating. Some savings accounts have monthly fees or minimum balance requirements that you must meet to avoid monthly fees.

 

[LaylaG]

I don't see any disadvantage in saving money in the bank because the bank is a trusted organisation that is accepted by the government for people to store and keep money but just that if you are keeping money in a bank you will not have any interest rates of your saving.that is the only disadvantage.

 

[Damismiling]

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

You are right, especially in a country like Nigeria, the bank charges and stamp duties on your savings is a discouragement, before you know it, all hour savings is gone, instead of interest in your money

 

[Ayokex]

When you save your money in the bank you release it to them to trade with it and after that they continue to deduct different charges monthly, despite the profit they are making with your money. The only benefit you get from saving your money in the bank is security but not the full security perse because it doesn't stop th from deducting from it time to time. That's the only disadvantage I think it is in saving money in the bank.

 

[mubinadaddy]

Due to the folding of banks this days a lot of people are afraid of saving money in the bank so that their money would not get missing and again some banks are not able to have strong security in their banking which gives access to black hat hackers to penetrate and when there do so, if the bank is not strong enough there might not stay and they will fold up and when the bank fold up you have lost your money.

 

[Robrown83]

This is a very interesting question. There are so many disadvantages of saving money in the bank which i will mention but few. Firstly, devaluation/decrease in your saving money. There are so many banks that will deduct your money without notification and if you ask they will tell you it is charges like duty stamp,atm charges,transfer charges etc. Secondly, the close down of banks. Gone is the days when some banks closed down in my country many people died because they lost all their savings.