Best Answer

Money saved in a bank is generally insured up to $100,000. Money saved under a mattress is not.

AnswerSimply put, the person will have money earning a specified amount of interest, that can be used when needed. Whereas funds invested in CD's Money Market accounts and so on are generally subject to penalties if an early withdrawal is neccessary. Answer:Although the interest that you earn will be lost due to the inflation rate, your loss will not be as great as keeping it under your mattress.

Here's what I have:

  • There is the advantage of security. The money is safe from theft and in certain circumstances the money will be insured by the federal government if any problems befall the bank.
  • Due to inflation, if your money is not invested or placed in an account that is earning more than the current rate of inflation, you are actually losing money. Therefore it is essential that you save your money in an account that offers an interest rate that is above the current rate of inflation.
User Avatar

Wiki User

โˆ™ 2011-03-21 08:13:29
This answer is:
User Avatar
Study guides


20 cards

What were the two most influential early civilizations on the European continent

What is an example of an artifact

What were key features of early civilizations

In 1929 why did the stock market crash

See all cards

US Presidents

20 cards

What science is related to the study of world history

What act enforced prohibition

Where did most immigrants to the US come from between 1820 and 1860

What music did Blues influence

See all cards

French Revolution

20 cards

What does imperialism mean in world war 1

Who ordered the construction of the Taj Mahal in India

The Congress in Vienna put on the French throne

What did the July Revolution bring about

See all cards

Add your answer:

Earn +20 pts
Q: What are the advantages of saving money in a bank?
Write your answer...
Related questions

What are the advantages of saving money in the bank?

There are numerous advantages of saving money in a bank for both the person saving the money and others. a. The money you save earns you interest income b. The money you save is lent out as loans to help out others c. The money you save can be withdrawn at any point in future to help you with your financial needs.

What are the advantages in saving money in the bank?

if you save your money in the bank you are quite sure if anything goes wrong (i.e robbery, fire-outbreak etc) the bank will replace it.

What s the advantage of having a saving bank?

The chief advantages of having a Saving Bank Account are 01) It enables to save money.02) It develops the habit of Saving.03) It enables us to deal less in physical cash.

What does Money saving mean?

Saving money means you put money in a envelope or a bank account. "savings" Well you put it away and you don't touch the money and you keep adding money to the envelope or bank account

What is the main objective of a saving bank account?

Saving money. Obviously

What the objective of a saving bank account main?

Saving money. Obviously

How do you find what happen to money from philadelphia saving fund society bank saving account?

i worked for this bank and have not received my vestyed money it's been ten yrs now

Is good for company to make payment of something and collect from customer later?

It will defends on the situation,The advantages to make payment later to the customer.The company saving money or invest it to the bank

How to use the word saving in a sentence?

Saving can be used in a sentence many ways. For example you can use it referring it as saving money in the bank: How much money are you saving in your savings account?

What is meant by motives of commercial bank?

saving the money

Can you transfer money from royal bank of Scotland to Ghana commercial bank saving account?


How can people save money besides in a saving account?

in a bank

The bank no long have the saving account numbers what did the bank do with the money in saving account?

It is not common for a bank to lose any account number. It may be a good idea to consult the bank in order to know why the account number is missing.

Advantages of saving money rather than spending it?

Advantages of saving money, rather than spending it would be that when you save it you can then purchase something bigger. Also, if you ever lose a job or something you would then have something to fall back on.

Where can one find a pay calculator?

One can find a payment calculator from the following sources: Bank Rate, Yahoo Loans, CMHC, Money Saving Expert, CNN, Bank of America, Discover, Money Saving Expert.

Is a bank saving account a good place fo save money?

yes, hence the name saving account.

What is meant by the term saving money in the bank?

to put money (cash) in some place that is safe

What does it mean when you put money into an account?

It means that you are saving some money in your own bank account.

What happened to coast federal saving bank?

Money collectinc for the people

What do the people do to deposit their saving in a bank?

to save money for college or retirement

How can a bank create an infinite amount of money?

Banks do not create money, they only use the money from saving accounts and lend it to people. When they lend the interest from the loan is profit for the bank.

What is saving culture?

A saving culture would be a society in which it is considered normal and appropriate for people to save money in bank accounts.

How much is the interest if you loan money in an cooperative bank?

It depend on the amount you saving

What were the advantages to a horse and cart?

Two advantages of using a horse and cart are saving the earth by not emitting harmful toxins into the atmosphere, and also saving money on gas or other cost associated with travel by car.

What are 3 advantages to being a paramedic?

Saving lifes, more money and higher education