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There are two main reasons as to why people would save their money in a financial institution like a bank. They are:

a. For safekeeping. Keeping a lot of money at home is not safe whereas banks and their vaults are very safe

b. To earn an interest - Banks pay us an interest for having us deposit our money with them. This is an added incentive for people to park their savings with banks.

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Q: Why would someone save there money in a financial institution?
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