Does savings accounts still make sense?

Discussion forum for issues and topics relating to bankers and everyone involved in banks and banking: customers, regulators, others.
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March 4th, 2021, 4:43 am

You know the purposes of savings accounts.

If you put your money in savings accounts, the bank lends it out at around 15 – 20% per annum and then give you 1.7% per annum on it.

If you withdraw more than 2 times per month, you forfeit your monthly interest rates on the account. Actually what you were supposed to get on monthly basis is divided into 12 and paid in 12 installments.

When you received around 3.7% per annum on savings accounts, the stats were better. But now that they claim that business environment is harsh, things are worse.

That brings the question: Does it make sense to still keep savings accounts?

Yes it still makes sense. Most people now operate savings accounts as if they operate current accounts. Because of the advances in banking technology, there are now many ways to move money and transact business, using savings accounts. You can even get a POS for it.

Banks also need income to maintain the costs of all the facilities you enjoy with a savings accounts. They need to stay in business.

Despite all what people might complain about savings accounts, one thing is ever sensible: Saving money in a bank is far better and safer than saving it at home or in a hole or a hidden place.

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Location: Lagos

March 12th, 2021, 6:43 pm

No. poor interest rate
I'm really not that nice... :mrgreen:
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Location: Yola

March 12th, 2021, 7:05 pm

Small children has bank account nowadays
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Location: New York

March 13th, 2021, 2:37 am

think so
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Location: Abuja

January 16th, 2022, 11:39 am

Savings accounts have always been sign of poor money management or lack of inability to make money work for you.
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