Should I just keep it?
August 23, 2012 5:16am CST
Hi mylotters, can you please help me out deciding whether it is better to keep the money you save or open a bank account? Currently my saved money is with me and a friend of mine told me that it's better to keep it in the bank. So I'm confused now, could you please give me a better understanding of the advantages and disadvantages of the two? TIA ;D
28 Aug 12
Hi vanessa, they say that never put the all the eggs in the same basket. I have some cash in hand and the rest i save in the bank. Can you really have a peace of mind knowing that there are your cash at home and you are out somewhere? Also there are banks now that give good interest even if you just bank it for a short period of time.
28 Aug 12
Better if you will deposit your money on a bank account so that it will earn interest in the long run. You can opt for a time deposit for larger interest or mutual funds (better). If you will just keep it with you then there is a greater chance of spending it. Best option is to invest it in a small business.
23 Aug 12
Hi Friend, If you keep your money with you, you definitely use that money for any reason and if you create an account and save your money in that also you can use that money by withdrawing, what my suggestion is, it is better to deposit you money as a Fixed deposit, in banks it is a saving option for some time it can be 5 to 10 years (it can vary by bank to bank), you can earn some interest on your money also and if you search you can find this type of savings post offices also, Best of luck.