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.

 

[Holicent]

The fact is Banks have been around for hundreds of years and they are still here because they offer a valuable service. Banks allow us to keep our money safe and make payments from it. The problem is that banks also charge high fees for these services, so much so that it can be worth your while to look for an alternative. Here are sone reasons why you should not leave your money in the bank:

High interest rates.

When you deposit money into a savings account, you earn interest on that money. However, this interest rate is usually below what you could get if you invested it elsewhere. If you don't want to invest yourself, then consider investing through an online broker who charges significantly lower fees than traditional financial institutions like banks and credit unions.

High fees for withdrawals and transfers.

If you try to withdraw or transfer money from your savings account at a traditional bank, they will often charge a fee for doing so, especially if it's done over the weekend. This can quickly eat into any interest you earn on your deposits and leave you with less money than when you started! One way around this issue is by using online banking services such as direct deposit and electronic bill payment options offered by many banks today.
Finally, inflation can make your money lose value.

 

[TOZZIBLINKZ]

There is literally no doubting the fact that keeping money in the bank has a whole lot of advantage in the sense that it provides financial security for your monetary assets never to be tempered or get into the hands of unauthorised individuals possibly such as arm robbers , miscreants , and pickpockets . But just as always mentioned and emphasized but anything with an advantage definitely or totally has a disadvantage and so is keeping money in the bank . This could make one to ask is there actually a disadvantage of keeping money in the bank , well it is absolutely possible that there was absolutely a disadvantage of keeping money in the bank .

For some years the world have actually been lying to majority of individuals like the one that's keeping money in the bank totally protects money but yes that could actually be true but the fact that our money does not grow in order to yield or breed out more money is definitely what is restricted in this context . When we keep our money in the bank we restrict it from monetary investment which have the potential to make our money to yield or breathe out more money that is why I always advise that it is better to invest your money in order to have more money to save rather than just leaving your money in the bank .

 

[maidnagi]

Many people don’t find themselves comfortable with other financial assets. Banks have been in existence since ages now. And almost everyone knows how to use a bank. It depends on an individual whether they want to do something with that money or not.