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In addition to saving you can have other benefits
Gone are the days when people kept their money under their mattresses. Modern times not only require a safer place to put your savings, but also the economic dynamics of the United States make it necessary for you to have an account to deposit your income, because you could have the following advantages raised by Westchestergov.com and Elearnmarkets.
1. Security
Today one of the great technological advantages at a financial level is to load all your money in a small plastic, without carrying cash. Your house, your wallet or your own person can be as safe as those provided by your bank account. In addition to that the institution will have logistical, physical and technological methods to protect your money.
To top it off, if the bank goes bankrupt or is robbed, federal law protects your money up to $100,000, according to Westchestergov.com.
2. Not effective
One of the great advantages is zero cash. When you open an account you can make payments with a debit card or a check. Even the technology is advancing to such an extent that you can already make transactions through your smartphone.
Despite being in 2020, we know the importance of paper money for countless transactions, therefore, you can also access cash whenever you want with ATMs.
3. You make money
Some bank accounts, in addition to those that are specific for savings, can generate interest for the fact of having your money in the bank or for a certain amount maintained in a specific period.
Some financial institutions even encourage the use of the debit card to make your payments by generating refunds or rewards for each purchase you make.
Somehow, not having paper money on hand makes you more thrifty and your money still remains available to you.
4. Internet purchases and scheduled payments
Just as you have the benefit of saving and making deposits to savings or retirement accounts with the fact of having a bank account, you can also schedule your usual bills for services such as telephone, electricity or any other type of debt that you must pay month by month.
It is increasingly common to make purchases online with websites like Amazon and although it has other payment methods, having a fixed account makes your purchases much easier.
5. Access to credit
Having a bank account gives you a financial identity before other institutions or government agencies, since you are generating a history of your transactions that allows them to see your solvency and responsibility in your personal finances, so you can access important loans such as student loans, for a car or mortgage.