Saving Money Do you invest money in saving accounts

[Mika]

Now, a lot of people may not label saving money in bank accounts as an investment, however, I believe saving money in interesting bearing accounts like saving accounts, fixed deposit bank accounts, bonds, security certificates etc. are also investments. In our home country, you can get up to 12 percent interest rate per year on a fixed deposit account for the tenure of 5 years. Since you get a fixed return on your investment, saving money in interest-bearing bank account is also an investment.
Now, back to the question, do you invest money in the interest bearing account?

 

[Samuel72]

Some people believe that saving money in the bank is a form of investment because with time interest might be added to the money but as for me I believe saving money in the bank is not an investment bank is only using your intelligence, because the bank normally makes money out of the money you save on the bank. They give out loans and other things with our money.

 

[Alexandoy]

I actually don't consider the savings account an investment because even if it earns interest but it is very minimal. We have a big amount of money in the bank for safekeeping. It will be used to buy a lot or land when we can afford. Right now I have no plans of investing the money into stocks or forex. I feel at peace with my money in the savings account.

 

[funmi]

Absolutely not,saving money in the bank is not an investment. In Nigeria for example, if you save money in the bank, some deductions will be made at the end of every month. Therefore, you can't invest money in saving account. It not advisable. One can easily withdrawal from the account if it is not properly invested.

 

[Setho]

The banks and financial institutions here and not going to give you up to that percentage for saving in a normal savings account. They can promise you do up to 25% of your income annually if you are going to open and deposit into a fixed deposit account with them. This means you are going to keep your money with them stay there for a few years

 

[Mika]

Absolutely not,saving money in the bank is not an investment. In Nigeria for example, if you save money in the bank, some deductions will be made at the end of every month. Therefore, you can't invest money in saving account. It not advisable. One can easily withdrawal from the account if it is not properly invested.

What kind of deductions will be made by banks in Nigeria. Here in my country, you don't get interested in a checking account but you will be provided interest in a saving account and a fixed deposit account. IN a fixed deposit account you can get as high as 9 percent interest per year. The banks of course charge for text message notification service and card fees.

 

[Jasmine]

I regularly deposit money on saving accounts. However, I do not like to use the word investing when I am saving on my bank accounts. I get just under 5 percent interest on my saving, this is not a good return on investment, if you want to use the word investing when you are saving.

 

[niche]

The interest rates have reduced to a great extent in the last few years, the interest rate is only 5-6% for savings. In the last decade, it is very risky for small business owners, single women from poorer communities to keep money in some banks, since government agencies target them for identity theft. The single women professionals are criminally defamed in the worst manner, and government agencies falsely claim that their school dropout, housewife employees, with no experience, no savings, have the resume, savings of the single woman professional.

 

[Deleted member 28127]

Saving account is good because if you have money on your pocket money you will spend it and additionnally for checking account you may use your credit card for online checkout or at merchant and you find by end that you will not save nothing this is why saving account is important because credit card provided with saving account can only used to cashout from ATM of this bank no for online purchases.

 

[kayode10]

I think the reason why most people don't consider this type of investment is the kind of return on investment the print overtime. there is no point in waiting for five years before you can make 12 percent return on investment. There are some other businesses in which you can invest your money that to bring back hundred percent profit in a year.

 

[Good luck]

Savings account is a type of savings not an investment platform.You can save money in savings account and get any form of reward.You can only get something when you fixed your money in fixed deposit with a little stipends being expected as a reward for a stipulated time of the investment.Apart from that,there is no gain in savings account investment.

 

[Jasmine]

I think it is better to put your money in interest bearing saving accounts instead of checking or current account. If you are saving money in interest bearing saving accounts, it would be better if you save money in fixed deposit accounts where interests rates are higher. IN my place you can get upto 12 percent per year.

 

[Mika]

You can earn high interest in your fixed deposit, but you might earn more if you actually invest money. For example, you can earn as much as 22 percent on mutual funds investment (that's the percentage return in my home country), but you do not earn this much by keeping your money in saving accounts.