Why you should not leave your money in the bank

[Zion]

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.

 

[Philipt5]

Yh nice ideal
I like it

 

[Layomi Layomi 2000]

It all depends on how much money you are talking about.no one with a very large amount of money keeps in bank because interest paid is low,that cash is depreciating in terms of deflation and money lodged in bank are in most countries protected by government agencies and people with a lot of money look at investing in other areas,shares,precious metal and cryptocurrency they generally only invest in thing that they have researched thoroughly.

 

[btaliat]

Keeping money in banks in this century is a very unwise decision. Saving money in the bank yield no interest except you are using fixed deposit account which always come with small interest rate. And apart from this, there are conditions that needs to be met before withdrawal.

 

[Mataracy]

It is very good not to leave your money inside the account. Is either you use it to do business and yo invest. If one leave money inside bank account it is possible that the interest that they will be given you will be very low or they may even start to deduct it.
There some bank that when you leave your money inside you account they will start to deduct it to the extent that one will preferred holding it than keeping it in the bank.
At times many people do not like to keep money in the bank but the situation of things generally that warrant it. I mean lack of security.

 

[presleydean]

This is true, rather you invest your money in some meaningful ventures which is more appropriate.

 

[Rachael]

For me, I would not advise anyone to invest in any trading activities online if you are not skilled, technical or have strategic secrets to trading and also, the idea of making a third-party to invest on my behalf is totally out of the context because I have encountered such experiences and it did not end well. Investing in real estate venture is the most feasible bait to take and this also has risk chances but at least, with caution and pitting all the necessary requirement in place, it can be averted. Leaving your money in the bank is not wrong and does not mean you are not a risk taker. Taking uncalculated risk is not worth the aftermath that comes with depression.

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. If all of us decides not to save money in the bank, what would happen to the banking sector?

 

[SensationalEd]

For me, keeping money in bank and expecting it to yield profit and say you're investing is very useless.. because the profit isn't something out should brag about. The best investment right now is buying crypto with your money and watch yourself get profit after profit.

 

[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.

 

[JulietaRizas]

Leaving your money in the bank is not wrong and does not mean you are not a risk taker.