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It is better to keep the money in a bank account because:

  • The money will earn an interest which will be an additional income for you
  • The bank will grant loans to other customers who need the money
  • This money will be used by those customers for their business needs
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Q: Is it better to have a bank account or keep your money at home?
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Related questions

Why is it important to have a bank account?

Bank account is very important now a days life due to following reasons. If you are employee then to get salary. If you go out city and need money you can get via ATM or your friend or family members can send you money on line in your bank account. So it makes your life so simple and you do not need to take money on large journey just have your ATM card of bank account.


How does a child savings account work?

A child savings account is a bank account that allows and teaches your child to save their money in a safe and responsible way, at a bank instead of somewhere at home where it can get lost.


What is the advantage to bank of home banking?

1. you don't have to go out of home to the bank 2. saves time 3. you an easily transfer your money to another account


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If your car is repo'd in NC can they take your home or 2nd car or money in your bank account?

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How do I open money market account with a bank?

You can open a money market account with a bank with the minimum deposit and filling out the appropriate forms. These forms include your social security number, drivers license, and home address to ensure you are not committing fraud.


How does a saving account work?

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the home branch is where the customer has opened his or her account


Are you allowed to keep a lot of money at home?

You can keep a lot of money at home if you want to. As long as you have legally earned money, you do not have to keep it in a bank. It may be safer in a bank but you can keep it in your home.


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What are the benefits to keeping money in the bank as opposed to leaving it at home?

Keeping money in a bank is more beneficial than leaving it in your house because money can earn interest in a bank. Plus, if you try to hide your money at home, it's easy to forget where you put it.


Should a student get a German bank account?

If you are living in Germany for longer than 4 months or so, it might make it easier for you to have a bank account. However, you can probably also withdraw money in your home currency via ATM machine and/or charge things on a credit card, so it isn't essential to have a bank account. If you will be paid while you are in Germany, you may be required to have one.