Investment General ways to save your funds

Phabbyfundz

Active member
There has been speculation where people often says that saving with banks are not really durable due to the unreasonable charges or bank drafts. But this is not generally true in as sense that we are aware that banks do take charges but they are other savings method with banks where you money or funds is deposited in a bank and it gains incentives as times goes on it is just like an investment but the incentives are just like bonuses .
They are also so many readily available way to save money or funds if you think banks are not for you can be a member of a registered association under law where you are made to deposit a stipulated amount of money on weekly , daily or monthly bases depending on how it suits you and you get your money back when ever it is due.
 

btaliat

VIP Contributor
If what you are explaining is fixed deposit, I don't really buy into the idea. I don't think I can save money with bank personally but that doesn't mean that saving with banks is not good. But I do see it as a way banking sector is only using the money for their benefits.
 

Chibson

VIP Contributor
Saving money in banks can not really give you much profit and I do not really like doing so instead I invest in things that would really give me a whole lot of money in the nearest future or better still stake it in the cryptocurrency platform. Definitely the bank charges is one of the contributing factors to the dislike.
 

Alexandoy

VIP Contributor
Saving money is a habit that you have to learn. It is not saving money today because you earned an extra or maybe you won in gambling. But then tomorrow you will just spend your savings. The best way to save is to be consistent on the habit like keeping a dollar a day in a piggy bank. If you can afford 5 dollars then that is better.
 

Sotherefore

VIP Contributor
I can save my money in a bank but this can only be the amount of money that I will need urgently but my importance saving cannot be in the bank especially over here that that is a devaluation of our currency it is either I invested in cryptocurrency that is able to give me something in the future or I invested in real .Those are the most profitable one.
 

Abigael

Valued Contributor
I have never thought of saving my money in a bank, except the mobile banking option that I am currently using to save. Saving in banks is not an option for me because it involves alot of process and the fixed deposit option is not great especially when inflation occurs.
Another option that I like saving my money is the group saccos.
 

kayode10

VIP Contributor
I prefer to save my money in foreign currency because of the inflation rate in my country is out of this world. The price of things double virtually every hour and this is driving everyone crazy in the country. I simply convert my savings into cryptocurrency with a stable price. I convert a portion of the money back into local currency to make a purchase offline.
 

sincerem

VIP Contributor
I have an online mobile bank app that offers me interest of 20% per annum, such interest rate is better off compared to what local commercial banks are offering at the moment.wjich is very low compared to such interest of money per annum given to me by the online mobile bank app. The name of the bank is simply branch loan app/banking..they offer both loan and banking services too for users. Same interest they offer you for locking or shifting your funds into their investment package is simply the one you'll be presented to when it comes to loan interest repayment. Their loan charges is quite high, but not the highest, which they're charging 20% repayment interest, compared with the options charging close to 50% interest. Branch has so many ways to earn money via it's app, you download the app through play store, sign up and add your bank BVN, which is strictly for Nigerians. It will simply be updated, you confirm your email address add your picture and you're good to go. Branch gives you some cash back return when you're depositing funds within some certain duration of time, and all branch transactions are simply free to all banks.
 

Kendy

Verified member
There are ways in money could be saved. Although many people frown at the concept of saving money in the banks but I think it is still better because your funds are secured and you can choose to remove it at any given time. Investing my savings online is risky and I have no one to blame for losses. There are loan apps that you can partner with them to invest your money and at the end of the day based on the agreement ensued, you would get paid buy this is highly risky because you do not even have a direct connection or link with the person. There is no way you would hold anyone accountable if they decide to elope with your funds. Investing in cryptocurrencies and Forex trading also has its demerits and the funds are well secured but the value can drop at anytime. I think the money I would have to save in trading platforms would be that which I do not intend to use for my short-term goals.

Presently, I still opt for the option of investing in banks because I might always need it to solve my urgent needs although I was thinking of changing the method Tina fixed deposit although I do not know the terms and conditions.
 
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