Why Do I Need to Open a Bank Account?
● Keep your finances safe from various threats
The most obvious benefit of owning a bank account is the protection you get. Storing cash in a safe may give you a sense of security, but in the event of a theft or fire, you may not be able to recover the money you’ve lost. By depositing money into the bank, your cash is digitally encoded to your account and insured by your service provider.
● Conveniently withdraw cash wherever and whenever
If you decide to keep your savings at home, you’ll need to bring a lump of cash whenever you head out. While this practice may seem relatively harmless, it can be risky and inconvenient.
In case you lose your wallet or run out of money, you may end up putting yourself in a tricky scenario. Having a bank account will let you avoid this dilemma. Applying for an ATM or debit card is ideal since it will allow you to withdraw cash at any time and place.
● Manage your cash flow with ease
Banking systems can help you manage your cash flow by religiously taking note of your transactions. Knowing when and where you’ve sent or received payments may sound simple, but this feature saves you a ton of time and effort. With just a quick look at your banking history, you already have the info you need without recording data manually.
● Remote and cashless transactions
It’s good to know that more vendors and stores are starting to be open to electronic payment methods. And with a deadly and highly-contagious virus still looming in the background of daily life, many businesses and establishments keep it safe by allowing digital or no-contact transactions and payments.
One of the best parts about having a bank account is that you can download a mobile application that will let you conduct transactions remotely. Instead of going out to the payment center to pay for monthly utilities, you can have a hassle-free experience by settling your bill at home.
● Improves your financial literacy
Opening a bank account will improve your financial literacy tenfold. As you utilize the service, you’ll eventually understand how the banking system works. At the same time, it will introduce you to basic financial concepts such as interest, loans, and more.
● Gain access to various financial instruments
In case you require financial assistance, you’ll be glad to know that owning a bank account can grant you access to various financial instruments. As long as you have a positive credit score, your banking provider will be glad to give you a loan with favorable terms.