How to Start Saving: Best Alternatives to Bank Accounts

[Mika]

Banks accounts are not the ultimate place to save money, there are a lot of options available. Instead of bank accounts where your money could lose value due to inflation or your money could be lost because only limited funds are insured, here are some options you should consider.

Security Bonds: These bonds are issued by government agencies in order to raise funds for certain projects. You receive fixed interest on Security Bonds for the period of a fixed term.

Treasury Bills: Government issues these bills when it needs funding for some projects. You receive fixed interest for the fixed term

Mutual funds: These are actually investment schemes, but work just like saving accounts.

Having said that you also sometimes need cash immediately, therefore, when you lock your money for a certain period, you might experience a crisis during an emergency. Therefore, you should also save some money in banks for emergency situations. But make sure these are high-yield saving accounts such as fixed deposit bank accounts.

 

[Ithedicious]

I save most of my money in my bank account because that is how I got to know and by then I didn't have much understanding about cryptocurrency and Investment. Treasury bill is not even a profitable way of Investment because you will not be able to realise a reasonable profit most especially here in my country..

I believe anyone that is interested to invest on any investment must put so many things into consideration, like the duration of time and also the required amount needed for the investment.

I will even prefer to fix my money on deposit in most commercial banks here in my country because I understand but that is much more profitable than treasury bill itself.

It all depends on what people are interested , and even if I have to start investing now I will consider investing in the US dollar since the economy of my country is down.

 

[Augusta]

I think those you mentioned up there are mostly investment programs and not necessarily how we can save our money. It is good to always keep our money away either in the bank account or investment programs like the one you mentioned above

The future can really be unpredictable as such it is good to always keep some money away for emergency purpose. We cannthink that we might borrow we hen the need arise but sometimes it doesn't work that way, the person or place you felt will be of help might turn out to be forth coming and this becomes a problem.

So in essence it is good to save money like in the fixed deposit you mentioned above, it is a good way to save money. You would be able to keep your money for certain amount of period and have your account credited with some profit over a period of time.