Banking has progressed a lot over the centuries. Once bank used to operate from benches in a market. Remember Shylock the Jew in “Merchant of Venice”. He was a banker, and those days lending was done in the way described by Shakespeare in his play. Having a bank account has become a necessity in present time. Today I am going to discuss the benefits of having a bank account.
- Safety – The money in an account is safe. Keeping money at your home comes with threat of theft and fire.The money is insured by the government and you will get your money in case of theft or fire. So you do not need to worry.
- Convenience – Carrying all those notes in your wallet is not convenient. It is better to pay by check and convenient too. You can carry all your money in your debit card for shopping and checks for big payment.
- Helps Save – It is my experience that money kept in wallet invariably gets spent. When it is in your account you tend to save it. Banks also offer investment options and help with growing your money. So sit back and relax. Your money is in safe hands.
- Helps in availing credit – A well-managed bank account will help you get loans. The transaction history will also increase the amount of loan that can be availed.
- Easy to transfer – With the technology, it is easy to wire money across the globe. It is efficient, quick and easy.