Having a personal savings account is not only necessary for saving money for the future, it is also very important to feel independent and to organize your money in a better manner.
Great Convenience Through a Savings Account with a Bank
You may not think much of a saving account in your name but it is certainly a very good idea. A savings account does not pay much in the form of interest but then banks also do not ask you to deposit a huge sum of money. Just keep minimum balance in your amount and get ready to enjoy the myriad benefits of this account. You can deposit money and withdraw it anytime you require and also issue checks for the purchases you make if you avail the facility of a checkbook.
Save Money to Fulfill Your Dreams
If you dream to make a home for yourself later in future or to buy a new car, you will be asked by banks to pay a decent amount in advance as down payment. It is hard to save money at home but you can deposit small amounts of money in your bank account whenever you have some excess money. If you keep contributing to your account frequently, you will be able to fulfill your dream easily. When you feel that money in your savings account has become large, you can always make a fixed deposit of the excess amount that will yield you higher returns.
Money for Higher Education of Kids
Higher education has become very expensive these days. Unless you plan early, you may find it difficult to fulfill the dreams of your kids. Your saving account is a good tool to help you realize your dream of higher education for your kids. If you keep depositing small amounts of money in your savings account, you can accumulate enough money to pay for the tuition fee and other expenses that are a must to get admission in a college or a University.
Helps in Meeting Financial Emergencies
It goes without saying that life is dull of uncertainties and you never know when there might be a medical emergency or any other expense that you are certainly prepared for. You must be ready to face these exigencies of life. If you have a savings account, you can deposit small amounts of money every month into it to have enough money to pay for medical and other financial emergencies. Banks issue a debit or ATM card to every account holder that you can use to withdraw money from a network of ATMs present in every part of the country. You have your own money at your fingertips that you can withdraw using an ATM to pay for medical bills or for the repair of your car. With money in your own savings account, you will not be embarrassed to ask for a favor from your friends of family members.
These are the most important advantages that accrue to you when you have a savings account in a bank and you keep it operating by depositing money in it.