Why We Love Savings Accounts (And You Should Too!)
Nowadays, savings accounts have become so popular, and it’s easy to open one at MACCU. They play a significant role in helping us achieve our financial goals without having to apply for loans. Some people think that investing their money is better than having the money lying in a savings account. However, depositing your money in a savings account is better than investing since there are no risks involved, so you are confident that your money is safe for future use.
Here are six reasons why we love Savings Accounts and you should too:
Contrary to what most people think, the funds in your savings accounts are readily accessible, and you can make withdrawals from your savings account at the respective bank during business hours. In addition to that, some financial institutions also offer access to savings accounts using ATM cards for withdrawal even after regular business hours.
- It’s a safe way to grow your money
Although savings accounts offer relatively low-interest rates, they provide sustained growth of your money. The other investment options might seem lucrative due to high returns, but the risks involved are also very high. That’s why you should also open a savings account.
- Funding future expenses
The best thing about having a savings account is that you don’t have to apply for loans anytime you want to cater for huge expenses such as school fees or projects. For instance, if you want to buy a house in future, you can start saving as early as now, and within a year or two you’ll have the money you need to buy it.
- Improves your financial health
Everyone should practice the habit of saving regularly by setting money aside for their savings accounts or having the transferred directly by their financial institutions. Once you get used to saving, it becomes a regular habit, and you can refrain from impulsive buying habits.
- It caters for emergencies
There’s nothing as bad as not having money to cater for emergencies such as losing your job or accidents. Consequently, it’s important to save money during your job tenure since it helps you cater for monthly expenses until you get a reliable source of income.
- It’s easy to open and maintain
Opening a savings account is relatively easy and you can start saving immediately after the financial institution verifies your details. Additionally, most savings accounts have no minimum balance, and they don’t need account maintenance to stay operational.