Now, I’m sure you already know this and I don’t need to tell you, but just in case you’ve been living under a rock, I’ll tell you anyway. Money, on the other hand, is tremendously essential to us. The practice of saving money is even more important. By saving money, you will be able to assure your financial security as well as the financial flexibility to make the decisions you desire without being constrained.

Now, when I say “save money,” you could conjure up images of coins in piggy banks and money stashed beneath your mattresses. I, on the other hand, had a habit of stowing my saved money between the pages of my favourite children’s books. I dubbed it my secret hideaway, confident that no one would notice and that my money would be safe. The rascal I refer to as my brother found out, and I lost my money. That’s when I realised the importance of bank savings. So, here’s why we should save our money in banks, in my opinion.

open a new account for online banking

Provided Security 

As I have stated, saving money in banks rather than in your books is the safer alternative. Not only will you be able to keep your stockpile safe from thieving brothers, but you’ll also be able to keep your money safe from far scarier and more dangerous criminals. If God forbid, your house is broken into, you’ll be able to relax a little more knowing that you won’t lose everything. This is because banks have more sophisticated security systems in place to keep thieves at bay. Ethical hackers are even employed by some banks. These ethical hackers will be in charge of stopping other hackers from circumventing the security measures in place. Furthermore, be aware that if your bank account is robbed, you will be compensated by the banks. 

Generate Interest 

Apart from the relief that comes with knowing that your life savings are safe, you should also be aware that saving money in banks allows you to earn money. Allow me to explain for the uninitiated. Your money does not just sit in the vaults when you deposit it in a bank. Your money is invested in various initiatives such as businesses and stock markets by the banks. Don’t worry, even if your money has been spent, you can still get it back.

An extra benefit is that the profit earned by the banks from the investments made will be returned to you, allowing your money to grow. A portion of the money will be transferred into your account, but not the total amount. This is what you refer to as “interest.” The amount of interest you will receive is determined by the bank you choose to save your money with as well as the type of bank account you utilise. For example, compared to savings accounts used by regular customers, current accounts used by corporations typically receive a higher proportion.

So, if you’ve been thoroughly convinced and would like to try online banking, go ahead and open a new account for online banking in Hong Leong Bank, Malaysia.