Why you should not leave your money in the bank.

[sunnyego]

The only money you should keep in your bank account is the one you need for transactions. Any money above this should be used to buy crypto currency and staked for higher rate of APY(Annual Percentage Yield). While banks offers between 0.3% to 1.5% APY, there are crypto wallets that offers between 6% to 13% APY. Examples are blockchain.com that offers 6% APY. Nexo.io offers up to 13% APY. Nexo also offers good referral program where you can earn $25 per referral.

 

[General01]

The only money you should keep in your bank account is the one you need for transactions. Any money above this should be used to buy crypto currency and staked for higher rate of APY(Annual Percentage Yield). While banks offers between 0.3% to 1.5% APY, there are crypto wallets that offers between 6% to 13% APY. Examples are blockchain.com that offers 6% APY. Nexo.io offers up to 13% APY. Nexo also offers good referral program where you can earn $25 per referral.

Wow that's amazing .
However, the liquidity of cryptocurrenies is something to consider I think.
Don't you think the fluctuations might affect your saved amount?

 

[moonchild]

Keeping cash in bank account is relative to individuals, some people are not comfortable with investing and I don't think there's anything wrong with that, maybe due to getting burned by some investments they are involved in, and that's a valid reason, fixed deposits are a great way to save too and safe.

But I think investing in crypto as you mentioned will yield more returns for those that are interested in investing, because most banks offers lower rates and personally I don't even think it's worth it.

 

[Augusta]

Yeah firstly, people do things for different reasons because you love to trade or invest with your money doesn't means that another person would love that idea. I think most things in life is always about the perspective of people and moreover, what might work for you might not be great for another person. But then I'm not against people investing their money but it isn't a mandatory thing for anybody

For banks you would be able to make more money if you leave your money with the bank in fixed deposit. This is because the bank will also use the money to make some transactions and return it with more profit when you want your money back at maturity.

So one just need to weigh the options available and go for the one that they deem fit for them. So invest if you know how to in cryptocurrency but if not let your money be in your bank account.

 

[Deleted member 28127]

You can have these returns but by operating a business with money deposited in a bank not waiting for bank yearly interest which seems to add nothing value by keeping this money at the bank account.

 

[arunima25]

Keeping money in the bank is not a total dead investment. It is a safe and secure one though the profit returns are too low. Some people opt for a safe method and can not take risks. There are many more investment ways that need a bit of risk appetite but are very profitable. Mutual funds, stocks, etc are there to name a few. One needs to have a diverse investment portfolio.
The future of cryptocurrency still hangs in the air in many countries like India. Till there is a clear-cut law around the same, many might not feel comfortable investing in cryptocurrency.

 

[btaliat]

In as much as I won't advice people to keep money in banks, I need to becareful while advising them to keep their money in cryptocurrency. I need to know whether they stand the risk involved in cryptocurrency. There is no guarantee that thid crypto platforms that the poster made mentioned will be here for life. Anything can happen which may greatly affect your money. But I don't think you can easily lose your money in banks.

 

[Jaycam]

Wow, I didn't know anything about it at all. but after hearing this I will think about giving it a try and see how it work.

 

[Good-Guy]

Many people believe that keeping your money into bank account might actually decrease the value of the money by the passage of time and I think that they are right to some extent due to the fact that inflation is increasing and when inflation increases, the value of certain assets such as money decreases significantly. The value of other assets like property, cryptocurrency assets, etc might not decrease. You may consider investing in cryptocurrencies, but you must be prudent while trading in cryptocurrencies, as cryptocurrencies are volatile and you may indeed suffer if you do not trade in a careful manner.

 

[kayode10]

Most of the financial experts usually advise people to keep their money in the bank because of the inflation. Inflation render the money you keep in the bank useless over time.

The reason is that as the rate of inflation is going higher the purchasing power of the local currency will be reduced. This makes it a great loss for those who keep money in the bank.

The best thing you can do with your money is to turn it into investment to generate more money for you. You can invest your savings into real estate as well as precious metals.

These two investment vehicles are stable and you are liable to make more money in the long run.

 

[PICKFORD]

Wow, we really appreciate for sharing your own idea or method of making money, for me saving money in the bank isn't the best idea except for transaction as you said, having hundred thousand in your bank account today, then you go back in the next one year you still find out that same amount, instead investing in cryptocurrency is better, though it's risky,but i think investing that amount ina good project, which you know according to your research that it will yield a good profit
Everybody now are hyping WAKANDA INU as a good project in the future,why not use half of 100k to invest
Instead of saving your money in the bank, you can as well use that money to start up affiliate marketing, which is advertising someone's else business or product then you get your commission in return when the person buys a product using your link,you use that money to drive more traffic,by so doing you'll make double of that rather than Saving it in the bank, this doesn't means you shouldn't save,but when you have enough funds,try invest some to bring more funds, that's how a lot of people become millionaire,not always saving Everytime, invest bro.

 

[sincerem]

I still keep my funds in the bank, but not the popular bank account that is operating offline. I have accounts via different online banks offering higher APY returns than what Nexo.io offers. One of my online bank here in my demographic offers 20% annual returns of your saved funds which you can withdraw anytime based on the plan you opted to save your money. If you choose the plan for fixed deposit then it means you want to lock your account for some month(s) to avoid the temptation of taking it unnecessarily. But if you opt in for the flex deposit at branch international, you'll have the chance to withdraw any time you want and still earn the same interest rate with the user saving via fixed deposit option which involves locking of the account for some period of time. I am disciplined when it comes to spending money, I plan and have a budget for what I'm spending before spending any dime. So, it doesn't bother when I choose not to lock my funds via fixed deposit of the online bank which I'm using to save my funds. Because, I wouldn't still remove funds when I never planned for it.

 

[eldavis]

I believe right now it has been made a common knowledge that keeping your money in the bank without any form of investment or anything, just saving it there would give you Notting in return, probably just a very small return. If you want to get the best out of your capital, the best thing to doe would be to startup an investment of your own, let your money work for you and then get returns.

 

[Sotherefore]

The problem is that no matter the amount of money you are investing in cryptocurrency there should still be some money you still need to save in your bank account and that should not only be the money you are using for transaction but the money you may need in the future because it is absolutely necessary.

if you are investing your money in cryptocurrency you may not be able to withdraw your money as you are doing in the bank because cryptocurrency is extremely volatile and you wouldn't like to withdraw your money if the value of the money depreciate . I invested $25 some few months ago in cryptocurrency and it actually depreciated to $15 and during that period of time I couldn't even attempt to make withdrawal even for emergency purpose because that would be a lost to me.

The Money you are investing in cryptocurrency should only be the money you are not intended to use for a long time and the most important thing is that in whatever cryptocurrency we are investing on expert advice is that we should only invest the amount of money we can afford to lose and not to use our life savings.

 

[Jamoflondon]

Well I really can’t go against this analysis though. It is quite annoying how Nigerian banks will stress you over your own money that you chose to keep with them. That aside, do you know that they are making tons of income on the money you save with them, another issue is the transaction fee they charge on every transfer you do. I mean, if one should decide to consider all these things I talked about. It might eventually discourage you not to put your money in the bank anymore. Nevertheless, they have their advantages as well and this is why we can’t do without needing their services.

 

[Sherman198]

Apparently, this is a wonderful piece of advise! Keeping and holding your money in the bank, makes your money loses value because of inflation and some other unreasonable circumstances. For example a Nigerian bank can deduct money from your account, saying it's alert charges or Atm charges or some other things like maintenance fees.

All these things will make you lose your money eventually if you keep it there for a very long time. So, it's completely reasonable if you keep the exact amount of cash that you might need daily or that you will need very soon, in a bank account.

But if you buy an asset with your money instead of just keeping it in the bank, the money will yield a great dividend or interest for you, if you know the right asset to buy.

However, you also need to be careful because you might lose your money if you went to buy an asset that has no value or has no tendency to rise in the future.

 

[arunima25]

No matter how much the other investment plans and crypto pick up the popularity as more profit generating, keeping money in bank is not going out of fashion any soon. All forns of investment have a risk appetite. The higher the risk, the more is the profit. Most people go for a diverse investment portfolio that keeps a mix of safe and risk involving investments. Money in bank is the safest one and gives a sense of security. You might not make a lot of money, but there is an assurance that the amount is safe and will be available to you earliest when needed. Moreover, we need to have some money in the bank all the time fot our day to day transactions.

 

[Ithedicious]

Thank you very much for sharing. The reason why a lot of people may consider the bank has the best way of saving is because they only understand Banks to be the best saving methods since it is backed up by the government , but most of these cryptocurrency wallet you're talking about are unknown to so many people except the block chain which is among one of the most popular cryptocurrency wallet.

Even if people are to invest or save in cryptocurrency , this will likely happened if people naturally have the interest to invest in cryptocurrency . People who don't want to understand about cryptocurrency won't even have an idea of investing to earn something reasonable as you have explain it above.

And another thing is that , I don't really know if people will still be earning their interest they are supposed to earn if cryptocurrency are they are staking as dropped, because in most cases the volatility in the crypto space will make some of our investment to drop. Does it really mean that when the price of any cryptocurrency we are staking is dropping , will it affect the overall asset in our staking wallet ? Please I need to understand this thanks.

 

[Rachael]

I do not see anything wrong with leaving money in banks. So far, saving money in the banks is one of the safest way to store money. I know that with the introduction of cryptocurrencies trading and Forex trading, it becomes very difficult for some traders to keep their money in the banks. This is not advisable to those without the in-depth knowledge that involves trading because you would end up loosing your money to fraudulent sites. Once upon a time, I was convinced by two cryptocurrencies traders I knew to invest and after I had invested through them to help me trade, I was hearing one story to the other. I was able to at least recover my capital from one trader but the other trader succeeded in running away with my money and till today, it is always depressing each time I cast my mind to how much I had lost.

Allowing a third-party to trade on your behalf is not the best option because they would always be chaos even if an agreement has been sealed. Leaving money in the bank till you are sure of what to invest is the best way because there are so many illegal sites both offline and online.

 

[Mika]

ON your bank account you have fiat money, the fiat money you have in your bank will never appreciate by 20-30 percent overnight or appreciate by 20-30 percent in a day or two. If your country has a strong economy, your fiat money will never depreciate, even when the economy is failing, the money will not be devalued at once just like cryptocurrency. Furthermore, when you have money in your banks, it cannot be hacked or robbed, even if that happens, banks will return your fnds. There are a lot of risks in using crypto currency. Have you heard about Squid Game Token? From hover a thousand USD, the token became worthless just in 24 hours. I am staking ADA on Binance, I am getting 12 percent APY, my bank will also give me 12 percent APY. I have used Nexo, but I was not eligible for 13 percent APY because they did not accept my account verification documents. If your account is unverified, you cannot receive a high return. IN order to make use of crypto exchange and benefit from staking you need a lot of crypto assets and it is risky to invest in crypto because the price might go down any time.

 

[kayode10]

It is a bad idea to keep your save in the bank because of the inflation. The interest rate paid by the bank is not getting higher while the inflation keep rising on daily basis.

I think the best thing is to use bank for various transaction while you turn yourself into into investment. The best thing is to look for investment that can rise above the inflation of any economy. This is the reason why I prefer real estate investment to other investment options.

Real estate investment usually rise above the inflation rate in any economy. The reason is that the demand for real estate continue to rise as the population of the country increases. The demand for housing is on the rise. The same thing go for the commercial outlet and centres.

There is limited supply of land compare to the increase in the in the population of the world. this is the reason why real estate investors are building skyscrapers in order to accommodate population increase.

The price of real estate property skyrocketing on yearly basis. This also cuase rent price of the real estate property to keep increasing. this is the reason why you are going to make money with real estate investment irrespective of the market trend.