Mika
VIP Contributor
Banks accounts are not the ultimate place to save money, there are a lot of options available. Instead of bank accounts where your money could lose value due to inflation or your money could be lost because only limited funds are insured, here are some options you should consider.
Security Bonds: These bonds are issued by government agencies in order to raise funds for certain projects. You receive fixed interest on Security Bonds for the period of a fixed term.
Treasury Bills: Government issues these bills when it needs funding for some projects. You receive fixed interest for the fixed term
Mutual funds: These are actually investment schemes, but work just like saving accounts.
Having said that you also sometimes need cash immediately, therefore, when you lock your money for a certain period, you might experience a crisis during an emergency. Therefore, you should also save some money in banks for emergency situations. But make sure these are high-yield saving accounts such as fixed deposit bank accounts.
Security Bonds: These bonds are issued by government agencies in order to raise funds for certain projects. You receive fixed interest on Security Bonds for the period of a fixed term.
Treasury Bills: Government issues these bills when it needs funding for some projects. You receive fixed interest for the fixed term
Mutual funds: These are actually investment schemes, but work just like saving accounts.
Having said that you also sometimes need cash immediately, therefore, when you lock your money for a certain period, you might experience a crisis during an emergency. Therefore, you should also save some money in banks for emergency situations. But make sure these are high-yield saving accounts such as fixed deposit bank accounts.