Banks are financial institutions where we are meant to save money. There are so many people who put all of their money in banks because they trust banks to keep their money safe. On the other hand, there are those who doesn't trust banks 100% which is why they don't leave all of their money in banks.
Which one are you? Do you trust banks to leave all of your money with them or do you have some in banks and major part in other things?
I have multiple bank accounts and regularly use something called a cass bank switch to transfer between accounts. Banks in the UK now offer financial incentives to switch current accounts and the cass service makes it easy.
Most of my money is in savings accounts but I also have a fair bit invested in stocks and shares which has become a bit of a hobby.
I certainly don’t keep everything in the bank, but I do keep a sizeable portion of my money in a high-yield savings account. Only makes sense to take advantage of interest rates right now!
Well, I wouldn't put all of my money in the control of banks anymore. After the last experience we had with new currency design which took away all the cash in circulation, thereby forcing a cashless policy on everyone. We really suffered so much. If you want to withdraw #5000 from POS businesses, they will charge you #2000 for their services.
No.never. That is a foolish thing to do. Earlier there was a system in a bank where we could earn interest at the same time withdraw any portion whenever we wanted to.
I can't save money because I am on a fixed income and there is no money for me to save. But to answer your question I use my bank to pay my bills and buy food etc and then I am broke until next month.
I will be crazy to put all of my money in the bank. It is not like I don't trust the banking system, but the fact that I need some cash should there be a need to get some groceries make keeping everything in the bank not worth it.
I did. I have some little for taking care of myself and paying bills. I don't want unnecessary spending, that's why I decided to leave them in the bank.
My husband and I have a checking account and a savings account. We have money for spending and paying bills and we have money we save for a rainy day in case something unplanned happens. So, my answer is yes.
I rarely carry cash on me these days so all of my money is in the bank. I need to switch banks because I work for US Bank and I do my banking with Bank of America but I don't have to worry about maintenance fees if I do switch since I work for US Bank. I just need to find the time to close my BoA account and switch over to US Bank. :V
I have a checking account that I have my paychecks direct deposited into each week, which I then use to pay my credit card(s) and car payment each month. I have a separate checking and savings account with a different bank that I use for my tax refunds and where the bulk of my savings is. I don't really use the debit cards associated with either account though since I primarily pay for everything with my credit card(s), then pay them right back off with the money in the checking accounts. I keep the cards though in case I need to withdraw cash from the account though; sometimes I do it at the bank, sometimes I do it at a place that lets me take cash out when I make a purchase if I need to make one to save myself a trip to the bank. The savings is my "in case of emergency" fund that I just deposit money into on occasion.
I do keep cash on hand too, primarily for paying to enter a couple of the skating rinks I go to. They take card too, but if I use cash, I don't have to pay the extra fees associated with using the card.
I save the income from my business and the salary I receive is auto exposited in the bank . It is safer that way. Other sources of my earnings are invested in local stock.
