How would you keep your money, in your savings account?

@yanzalong (7864)
Indonesia
August 27, 2012 9:21pm CST
Hi mylotters, how would you keep your money, in a bank or place it under your pillow? If you keep the money in your savings account, it is of course safer but remembers your money can also decrease because of the charges incurred. What are actually the advantages and disadvantages of keeping your money in the bank? For small transactions I prefer being paid straight—cash. For bigger amount, it is probably safer if payment is made via bank transfer. What’s your take, mylotters?
1 person likes this
11 responses
@zhihao12 (364)
• Singapore
28 Aug 12
If you are putting money in bank for savings then it will be the best since you can earn interest that way. However if you are planning to use that money soon, i think it will be better if you can store it somewhere else, but i would not encourage under the pillow.
@yanzalong (7864)
• Indonesia
28 Aug 12
Yes, you are right. "Under the pillow" is the traditional way for villagers to keep their money since there are not banks around. Also be sure that bank charges are less than interest income from your saving, right?
@zhihao12 (364)
• Singapore
29 Aug 12
I am not sure about your country, but my the bank charges in my country is quite low and it is definitely worthwhile to put the money in it and earn the interest. There will still be profit despite the interest being low too. But the security you gain plus the small profit definitely make it the best option out there.
@yanzalong (7864)
• Indonesia
30 Aug 12
I think you are right about this. Keeping the money in the savings account may be the safest way for the time being.
@jjzone44 (917)
• United States
28 Aug 12
I prefer the bank; money "under the pillow" gains no interest, and it is only accessible if you happen to be at home. Money in the bank can be accessed from anywhere via your ATM card, and transferred to other accounts (such as bills) simply by using the computer. The interest from a savings account is quite low these days anyway, so I just make sure to keep minimum balances in the accounts so I don't get fees. As far as earning interest I purchase stocks for that purpose. You don't have to pay tax on stock gains until you actually cash in the stock, and you can off-set some of that gain by cashing in low-performance stock that you may have had a loss on.
@yanzalong (7864)
• Indonesia
28 Aug 12
Very clever idea, jjzone44. I will think about it. I know I am still a newbee about stock but i think there is no harm trying, right?
@jjzone44 (917)
• United States
28 Aug 12
No harm at all, in fact before I spent any money, I found a few stocks I was interested in, and then used one of the free Internet stock trackers to evaluate their performance. It's not a get-rich-quick thing, unless you have money to gamble with. You want a couple of "blue chip" stocks; they don't have major ups, but they don't have major downsides either. They pay dividends to their owners in good and bad markets. Dividends you do pay tax on when you get them as they are income, I reinvest them either through the company or my brokerage. Mutual funds are also a good way to get your feet wet in the stock market, as they invest in stocks but they use the power of many investors to buy many different shares of stock, and the return is the average of the stocks in the fund.
@BabyCheetah (1913)
• Australia
28 Aug 12
I keep most of my money in a high interest savings account so I earn money monthly just by keeping it there. Also my everyday account has no fees at all so I don't lose a thing
@yanzalong (7864)
• Indonesia
28 Aug 12
High interest? Are you sure it will be safe? Is the one you mentioned HYP? I lost my money in HYP. The admin ran away with my money. What do you say about this?
• Australia
29 Aug 12
No I'm talking about bank accounts, with actual banks not any of those kinds of sites. I never invest money in any of those sites.
@yahnee (1250)
• Philippines
28 Aug 12
My salary goes straight to the ATM. Sometimes, I withdraw all of it if there are some bills that need immediate payment. Sometimes, I only withdraw what I need for a week since I can use the ATM card for groceries; however, when there are holidays, I tend to withdraw all the cash expecting that the ATM machines will not longer be able to dispense cash with the long lines queuing for withdrawals. If I were to have lots of money, I still prefer to keep it in the bank for safety reasons but with enough cash on my wallet for emergencies. I am not so fond of online banking and I still do bills payment the traditional way. I have been reading through the fraud and scams connected to online banking and I would rather not be a victim of identity theft. I would rather endure the long lines at the payment centers than put myself in the mercy of unscrupulous individuals.
@yanzalong (7864)
• Indonesia
28 Aug 12
You have chosen the right way to avoid being ripped off. I would say that large amount should not be with ATM enabled. For smaller amount may be with ATM because you may need money from time to time, right?
• Mathura, India
2 Sep 12
I expend all the salary on daily routine expenses. Save money from part time job for kids future and working online like mylotting and others for our future. I faith only on the fixed deposits with the nationalized banks.
@sunil76 (32)
• India
29 Aug 12
Hello friends,there are two benefits of keeping money in bank,one is your money remains safe and it increases due to interest paid by the bank.There are different types of accounts available in banks and the interest depends upon the type of account we choose to keep our money.Mainly long term deposits attract larger interests in banks.The administrative charges levied by the banks are very nominal if i am not wrong which we can afford easily.So in my opinion we should keep our money in bank in a suitable account.Thanks & regards.....
• Indonesia
29 Aug 12
Hello, I keep my money in a local bank such as BPD they dont charge much for the administration fee just 3000 IDR (it is almost equal with 30 cents dollar) and their interest is not bad, i still got interest although my money was under 100.000 ($10), while in national bank such as Mandiri Bank, BNI, etc the administration fee is quite high 10.000 IDR ($1)/month and the minimum amount we need to keep in the bank in order not to get penalty fee is IDR 100.000 ($10) or more while in my local bank (BPD) there is no such penalty fee. In those national bank we cannot withdraw our money if our saving is under IDR 100.000. But the disadvantage of using local bank is that the ATM centers isn't as much as those national bank, actually I dont see it is as a disadvantage because the point of saving is to keep it in bank not to spend it. Another disadvantage is that they still dont have internet banking, they only have sms banking but not yet provide internet banking service.
@Melody968 (124)
• China
29 Aug 12
Another way to avoid the bank charge and risk of beign stolen is to buy a large safe deposit box and keep the money in the box at home. And you will have to set your passcode for the box to the secret and strongely safe level. Otherwise , when the thief break into your house, they will have a big happy supprise. Ha ha! This is the humanity. Worrying always like our shadow which follow us all the time, no matter we are poor or rich. Oh God, pls bless us with strong heart!
@Melody968 (124)
• China
29 Aug 12
For large amount of money, of course we should keep it in the bank. And pls note, to choose a trustable bank but not a bank which may disappear one day. And this is a tough choice sometime. According to the news report,large amount of some people's money was tolen by the bank officer after they keep the money in the account to the bank. What can we say. Some times , it seems we have to depend on our luck. But I think, most of big bank is trustable and safe for the depositor. Otherwise, we can trust ourselves only to deal with the large amount of money, he he, if you have !
@DoctorDidi (7030)
• India
28 Aug 12
I do not know which country you belong to. But in our country, India, if we open a savings account in any bank, we get interest on the amount in the account and no charge is deducted by the bank for keeping the money in their safe custody. So, you can easily guess that there is no chance of decrease in the amount in the account, rather, it would increase gradually due to the interest added all the time. So, we in India always keep our money in our savings account for a temporary purpose, and keep the excess money if any by purchase of Fixed Deposit Receipts or Mutual Funds. There are also some who invest in stock market.
@cutepenguin (6458)
• Canada
28 Aug 12
We use a savings account and a chequing account. And yes, the fees are annoying because they eat away at the money we put in. At least the savings account makes some interest. I don't think I could do everything in cash. We pay bills and buy things using our bank accounts, and it's much easier.