Banks came into play with so many features which has been of great importance to the human race one of the key features which is widely and mostly use is the savings account future.
I can recall many times I have been in different banks to open an account. Banks always encourage for every customer to open a savings account, you can't believe that all my accounts in different banks about five account in different banks are all savings account.
So now I am remembered it, and come to think about it I realise the reason behind the banks always trying to convince every customer to ran a savings account. Thinking about this lead me directly to the reason why swapping or converting my money and saving in crypto is better and also the best.
Before diving into what saving is, it will be better to first talk about Savings and what a Bank savings account is.
We also look at the features of a standard savings account So let's begin.
Saving
Saving is the act of keeping some of one's income or resource for future use rather than spending it on a daily basis. This involves keeping and storing money or assets in a safe place like bank. So the act of savings has really been of great importance for future purposes.
Now let's talk about Savings Account.
Savings Account: there are many types of bank account which the banks designed for different reasons and purposes savings account is one of those accounts. It is designed to hold money and also for the safekeeping of money which will be used for future purposes. Just like any other bank account this account can be used to carry out normal bank transactions like transfer bill payment airtime and data recharge and lot more.
Now let us talk about some features of a savings account and some loopholes in it.
Some Feature Of A Savings Account
Saving Goal: When it comes to gradually keeping money for future use, a savings account is best for that. Reason is that savings account is designed to be used for short or long-term financial goals. It is being said that percentage amount of interest is being given to those operating a savings account, depending on how much they have. But in reality savings account gives no interest, instead they debit stamp duty on your account every month even without your notice. If you do receive interest on your savings account that's fine but sorry to tell you that I haven't, all I see is a stamp duty at the end if every month.
Accessibility: Savings account is well assessable when it comes to accessing your fund even with the mobile app you can access it anywhere within the country and at any time. But there is a problem with sevens account. There are some limitations when it comes to the amount of transaction you can perform in a day and a specific amount of money for each transaction. So this have hindered many from performing as many transaction as they wish.
Safety: Savings account is one of the accounts which are being considered low-risk because they are usually insured by the government and its help in the production of funds up to a certain amount. It is good that it is be considered low risk but at the same time the transaction cost associated with it is too high. It is low-risk to some extent. The banks in many instances tampered with the funds of many even without their notice. I can say for sure because I'm a victim. This is different from Crypto.
- Interest: I was with a friend today when he made a tranfer to a seller for the purchase he made. He checked his account balance and shouted, he called me; Prince! The charges are too much.
This is where the banks promise what they don't do. I already said that from a personal experience the banks haven't credited me any interest before now I do keep my money in the bank but have never for once seen any interest. All I see at the end of every month is stamp duty debit even some unverified debits.
I have experienced these countless times. I have also made out time to go to the bank and to solve this issue but all to no avail. From a personal experience, savings account gives little or no interest to it operators.
Why Crypto Is Better And The Best
The world of banking have revolutionised into crypto and day after day the cryptoto space keep advancing into something more better. The new and existing way of banking is the Defi.
Let us talk about what Defi is.
Defi: Defi stands for decentralized finance and is the next big thing in finance canopy.
why did I say so?
Defi has all the problems that banks and their savings account couldn't solve under control. With Defi having an account that is highly decentralized has been very much possible and enjoying a total financial freedom have been achieved. Here is how the we made it possible 馃憞
Decentralized Wallet: Unlike banks savings accounts which are being controlled by central bodys like banks or government, crypto wallets are highly decentralized meaning that no other party has access to your wallet. This has helped eliminate losing funds because of unnecessary bank charges and debit.
Saving Goals: The hive pays 20% of any hbd which is being saved on the platform this is so encouraging to anyone who wants to save. Not like the banks which promise to give little interest at the end of every month but sadly instead of giving us interest we received monthly debits.
Source
And also you can stake your funds on the hive platform or any other lawyer to token and earn curation rewards.
- Safety: Crypto runs on the decentralised crypto platforms. This makes it impossible for any other person other than you to have access to your fund. Defi is now the safety place to save your fund.
In conclusion, banks keep charging us while the promise us for interest. Decentralized Finance (Defi) has all of banks problems under control. Anyone who desires to gain financial freedom should save with Defi.