Now I’m sure this is common sense and I don’t need to tell you this,, but I will just in case you’ve been living under a rock. But money is extremely important to us. What’s more vital is the habit of saving money. By saving money, you’ll be able to ensure that you possess financial security as well as have the financial freedom to make the choices that you want without having to hinder yourself. 

Now, when I talk about saving money, you might picture scenarios of putting coins in piggy banks and sliding money you have saved under your mattresses. As for me, I had the habit of slipping my saved bills in between my favourite storybooks. I called it my secret stash and was confident that no one knew, and that my money was safe. News flash, the rascal I call my brother found out, and I lost my money. That’s when I learned the value of saving in banks. So, here’s my take on why we should save our money in banks. 

Provided Security 

Like I mentioned before, saving your money in banks instead of in your books is the safer option. Not only will you be able to prevent thieving brothers from being privy to your stash, you’ll also be able to prevent much scarier and more dangerous robbers from taking your money. Say that, god forbid, your house gets broken into one day, you’ll be able to rest a little easier knowing that you haven’t lost everything. This is because banks have better security systems in place to prevent thieves from striking. Some banks even have ethical hackers working for them. These ethical hackers will be in charge of preventing other hackers from breaching the cybersecurity measures placed. In addition, know that should your bank account get robbed, you will be compensated by the banks. 

Generate Interest 

Besides the relief you get from knowing that your life savings are kept somewhere safe, you should know that you’ll be able to earn money by saving your money in banks. For the naive ones out there, let me explain. When your money is saved in banks, it doesn’t just sit there in the vaults. The banks use your money to invest in other ventures such as businesses and stock markets. Don’t fret, even if your money is being used, you’ll still be able to take it back. 

An added bonus is that your money will multiply as the profit received by the banks from the investments made will be returned to you. Not the entire amount, but a certain percentage will be deposited into your account. This is what you call interest. The percentage of the interest that you stand to receive, depends on both the bank you choose to save your money in and the type of bank account you use. For instance, though with, current accounts used for businesses usually receive a larger percentage compared to savings accounts used by regular customers. 

So, if you’ve been thoroughly convinced and would like to begin saving in a bank, try opening a new account for online banking in Hong Leong Bank, Malaysia.