INTRODUCTION
Since we started growing up, our parents has made us known and believe the safest place to save or keep our little income is the bank maybe as of then is the available and the best known place to safe/keep money but in 21st century it is no longer the best and available place to save money because of some factor that will be pointed out and explain in the course of this post.
Some of the reasons it's not longer best to save/keep money in bank are as follows; I called them the charges and the fees
The charges
When I talk about charges here are those money the bank deduct which are term as bank charges which made be on transfer, withdrawal and monthly charges as the case maybe which most time really have effect of customers operating a savings account. Before what I think was that when you save in bank your money increases over the Month but I have come to realize that the little interest can not be measured with the charges, as worst as it is now if you keep 1k at bank with making withdrawal, recharging out of the money before end of month you will be socked at the left over you will meet there. Am not saying the Banks are actually defruading, this charges occur as a result of many activities they go through for maintenance.
The fees
Fees from a bank can be the result of a variety of different activities. Generally, they result from a particular service being performed by the bank on behalf of the customer, or from a penalty charge
Bank fees are charges to a customer with a bank account for various services provided by a bank or as penalties for specific activities of the customer. This are extra money one the banks charges there customers.Monthly maintenance/service fee. Many banks charge by the month for you to keep your money in an account with them.
Three best place to save money
Money Market Funds
A money market mutual fund is a type of mutual fund that invests only in low-risk securities. As a result, money market funds are considered one of the lowest risk types of funds. Money market funds typically provide a return similar to short-term interest rates.5 Money market funds are not FDIC-insured and are regulated by the Securities and Exchange Commission’s (SEC) Investment Company Act of 1940. Mutual funds, brokerage firms, and many banks offer money market funds. Interest rates are not guaranteed, so a bit of research can help find a money market fund that has a history of good performance.
Cryptocurrency
I will say it is the best place to put, save, keep or invest money for interest and growth sake. We can deny the fact that it's risky but life is all about taking risk, Of course, this is also a high-risk, high-reward opportunity.
Source
Cryptocurrencies are another alternative investment option. There are a number of choices; Bitcoin is just the best known.So we certainly have other coins like Ripple, Litecoin, USD, Bitcoin cash, Ethereum, Trina e.t.c. So-called "cryptos" offer individual investors a unique opportunity to get into what is still very much an emerging technology.
Spend and earn platforms
This involve both non banking and banking system which one can earn money in return after spending. Example of those Opay, Palmpay e.t.c They reward and don't take charges.
Thank you for go through my post... Your comment and upvote will do well to help me in my next post.