Why I don't save in my local bank account

[Carpon]

We all know that their are various modes that can be used to save money. This is true but there are some things which make me think that saving is local bank account in not the best option.

• Deductions: Your savings will get Deductions on a monthly basis. And almost every transaction you carry out will have some effect on your balance. Banks do take a lot of charges and that really displeases me as it at times reduces the net value of my savings.

• Risks of scam. From the moment I opened a bank account, I started getting calls from people trying to lure me into giving out my bank details. This is very ridiculous. Some even try to put a comoflage and say they are people calling from my bank. This makes me see it as unsafe to keep funds in the bank most especially local banks ( probably in my region).

What are your thoughts?

 

[Etini]

Sir, if I may ask, how do you save? Every saving medium has advantages and disadvantages. You have to weigh the cost and benefits of each medium and make an informed decision on what is best for you. Because if you save in crypto, we know how volatile the crypto market can be. If you save at home, you run a risk of burglars. If you save with microfinance agencies, it is still a risk as they can disappear anytime. If you save with all these online banks, they too still have charges. I still believe the local bank is the best medium to save money.

As for charges, you obviously have to pay for the service they have rendered to you. As for scams, that one is something you can manage by yourself. My opinion is that commercial banks are still the safest option to save money because they are insured.

 

[uforwealth]

The two factors you made mention of above are not genuine reasons for you not to save your money in your local bank.

Deduction
Although it may be frustration when bank deducts particular charges from your account balance, banks always save your life by protecting your life and property(money). when you keep your money at home, don't you know that those senior boys(thieves) may come one day and kill you (God forbid)if you refuse to hand over the money to them easily. Therefore the charges are nothing considering the benefits.

Risks of scam
Banks have been warning their customers to be security conscious . They are notifying their customers from time to time as regards the protection of their accounts. They give instructions and warning not to share their passwords with anybody. They should not click on any link they are not sure of its authenticity.

 

[Heartstrings]

If you don't save money in your local bank,do you save it at home? Or where exactly,you need to explain more on this aspect, because it may help some people if it's safe. Personally I either save money at home or in the bank,I have no problem saving In any of them,I am well decipline when it comes to my savings, though saving in the bank is more safer. Opay is where I save now,no any charges whatsoever, everything about them is free,both transfer and other things.

The deduction you made mention,is quite normal is I am not mistaking, though it might be quite frustrating at times, Initially when I opened an account,there was a time I wanted to recharge with the little money I thought I have saved there, but on recharging my phone I found out N200 has been deducted from my balance,it was so frustrating and unexpected. I have learn to accept that fact about local Banks.

 

[Yusra3]

I don't save in my local bank account because they are too expensive.

I would love to save money and get a high interest rate, but the banks in my area don't offer those things.

The only reason I keep saving in an account at one bank is because it's convenient for me. If I were to open an account with another bank, there's no way I'd be able to make it work with my work schedule.

If I weren't working, then I'd definitely be able to set up automatic deposits into my savings account so that it would automatically transfer money from my paycheck into my savings every month.