With so much opinion surrounding the concept of saving most especially bank saving in particular because many people with different view and perspective about bank saving whether its bad or good or whether it's worth considering an option or been ignored.
Before going further to the topic to he discussed today, I want to say that this write up is base on my own opinion which I believe is the reality.
So the question for our discussion: Is Bank Saving still an option?
Saving in the bank sounds pretty good because banking is a financial institution that have come up with alot of different savings plan available from kids stage to the adult stage.
In fact saving in the bank also comes with interesting rate but looking at the interest rate one will wonder if it is wise to put your money in savings alone if you are considering investment.
There is another way of investing your money that will also serve as savings yet still give you more return than normal saving.
The bank sector had come up with a lot of investment platform where you can put your money such investment platforms are fixed deposit, money market fund, call deposit, certificate of deposit (CD) and short term investment fund (STIF).
Many more investment platform still exists within the bank walls.
Some of this investment look so good infact it has lower risk and many people are investing in one of the above investment platform or the another as the day goes by.
One fact about investment is that the higher the risk involved the higher your returns. With this fact we see that most of the investment in the bank are of a lower risk although not all banking investment
So if your heart is ready to take a bigger risk then I think you can consider other forms of investment outside banking investment
I will like to conclude this way that in as much as saving money in the bank is good if you base all your investment portfolio on savings or some of investment run in the bank then your journey to the place of financial wealth might be slow. This is my own school of thought. I will like to here from you too.
Or what do you think rather also.
Is Bank saving still an option??
I will be waiting in the comment section below to read your contribution
wow. I'll be honest I can say it from my perspective because I live in an eighth-world country. In Venezuela you cannot save in any bank, inflation is so horrible that money in a bank is not worth having. In this sense, I particularly look for the way to be able to buy food at the high cost of living.
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Inflation in price of things is also taken place in Nigeria daily make the interest on your bank saving useless also.
Thanks for your comment
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hi dear @great-a
I think it is better to have something than to have nothing, it is better to save than to spend all our money unnecessarily, it is possible to invest in something better such as cryptocurrency but it is not bad to have some money in the bank.
Ok. thanks for your contribution