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Essay on Is It Advisable to Save Money in A Bank?

Money is a precious commodity. We all know how necessary it is. Without it, we can hardly survive in this world. So most of us take good care of the money we have. Only a fool will be careless with it.

There are many ways in which a person can lose his or her money. Thieves, robbers, burglars and other crooks are always on the prowl looking for victims. Every day we hear and read of robbery and theft. Sometimes victims get hurt or killed. So it is indeed foolish for anyone to carry large sums of money. They are asking to be victims.

To reduce the risks of losing our money to robbers and crooks it is best to keep our money In a bank. There it is very much safer. If we require money all we have to do is to withdraw what we need and keep the remainder in the bank. At least in the bank, we are safe from prying eyes and hands that will take the money from us. Sometimes, however, banks get robbed too, but they can handle the loss.

Some of the older folks like to keep their money inside mattresses, cupboards and whatever places they deem safe or convenient. To do this is to risk losing the money to burglars or anyone who happens to find it. Also, a house can be destroyed by fire, floods or other natural disasters. Often we read of people who lose their life-savings in a fire because they had kept their money in their house. This is indeed sad but it could have been avoided if they had put their money in a bank.

Even if fires and floods do not destroy the money, cockroaches, rats and other pests can do the same damage. Also, they who hid the money may forget where they hid it and thus lose it.

Besides being safer, the other reason why it is advisable to keep money in a bank is that the money saved can earn more money. There are savings accounts, fixed deposit accounts and other types of services that enable a depositor to earn interest. So our savings can grow in a bank. No mattress or cupboard can offer such facilities.

Banks today offer a wide range of services to their customers. We can transact money by various means without having to actually touch any cash. We do not have to carry large amounts of cash to buy something. We can always use cheques, bank drafts or credit cards. Imagine carrying $10,000 in cash in the pocket. How the pocket will bulge and how tempting it, will be for someone to take it.

Finally saving money in a bank enables us to keep track of our money. Every transaction we make is duly recorded. We can thus always check how much we have in the bank by looking at our bank statement or our savings book. There is no need to physically count what we have. People who keep cash in the house will have to count it if they want to know how much they have hoarded.

So for our safety and convenience, it is definitely a wise thing to save money in a bank. Some people who do not trust banks may say that banks can go bankrupt or close down. That possibility is very remote if we go to a reputable bank. The chances of losing our money to fires or floods are far greater than losing our money to a bank’s closure. I say that it is advisable to save money in a bank.