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Are bank accounts worth it?

royalpaladin
Posts: 22,357
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3/29/2013 5:57:49 AM
Posted: 3 years ago
The interest rates for savings accounts are a joke . . . You literally don't get any return on the investment, but the bank makes millions through loans. Is it really worth it to get a bank account in the US?
1Devilsadvocate
Posts: 1,518
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3/29/2013 1:20:16 PM
Posted: 3 years ago
At 3/29/2013 5:57:49 AM, royalpaladin wrote:
The interest rates for savings accounts are a joke . . . You literally don't get any return on the investment, but the bank makes millions through loans. Is it really worth it to get a bank account in the US?

Right now interest rates are very low, but they won't remain that way.
Even when they are "high", it's not much though. No one got rich by keeping money in the bank.

Here are some reasons for keeping money in the bank:

Even now when it's not much it still is something. It adds up, especially if it's compound interest. & it helps buffer inflation from devaluating your hard earned savings.

One of the main reasons for putting money in the bank, is not to earn interest, but rather to keep it safe. It's like free insurance.

Another advantage is the ability to use; credit cards, debit cards, cheeks, atms, online donations & payments.

Here are some other reasons (some are wild reasons) :
http://money.usnews.com...
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ConservativePolitico
Posts: 8,210
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3/29/2013 2:53:41 PM
Posted: 3 years ago
If people didn't keep money in the bank, banks couldn't lend and therefore investment and business creation would grind to a halt.

If you ever want to take out a loan you should have some money in a bank.
Buddamoose
Posts: 19,450
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3/29/2013 3:13:12 PM
Posted: 3 years ago
At 3/29/2013 2:55:19 PM, FREEDO wrote:
No. My bank is eating me alive. And they are somehow able to keep me from leaving.

They ate your legs first... DUH
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Cermank
Posts: 3,773
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3/29/2013 3:53:49 PM
Posted: 3 years ago
At 3/29/2013 2:55:19 PM, FREEDO wrote:
No. My bank is eating me alive. And they are somehow able to keep me from leaving.

How?
FREEDO
Posts: 21,057
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3/29/2013 6:12:53 PM
Posted: 3 years ago
At 3/29/2013 3:53:49 PM, Cermank wrote:
At 3/29/2013 2:55:19 PM, FREEDO wrote:
No. My bank is eating me alive. And they are somehow able to keep me from leaving.

How?

I don't even know. None of it makes sense to me.
GRAND POOBAH OF DDO

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johnnyboy54
Posts: 6,362
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3/29/2013 10:11:11 PM
Posted: 3 years ago
At 3/29/2013 6:12:53 PM, FREEDO wrote:
At 3/29/2013 3:53:49 PM, Cermank wrote:
At 3/29/2013 2:55:19 PM, FREEDO wrote:
No. My bank is eating me alive. And they are somehow able to keep me from leaving.

How?

I don't even know. None of it makes sense to me.

Is it just a normal savings account?
I didn't order assholes with my whiskey.
sadolite
Posts: 8,842
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3/30/2013 8:42:18 AM
Posted: 3 years ago
At 3/29/2013 5:57:49 AM, royalpaladin wrote:
The interest rates for savings accounts are a joke . . . You literally don't get any return on the investment, but the bank makes millions through loans. Is it really worth it to get a bank account in the US?

A "savings account" ehh maybe not. A checking account, mandatory if you expect to be taken seriously as a contributing member of society. It has always astonished me how people live and conduct business without one. What a monumental pain in the azz that must be. You can't get credit either without a checking account. I am sure there is some shady high interest place that will give you credit though.
It's not your views that divide us, it's what you think my views should be that divides us.

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Fouler4990
Posts: 33
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3/30/2013 9:05:01 AM
Posted: 3 years ago
At 3/29/2013 5:57:49 AM, royalpaladin wrote:
The interest rates for savings accounts are a joke . . . You literally don't get any return on the investment, but the bank makes millions through loans. Is it really worth it to get a bank account in the US?

Totally worth it. Lets put it this way: You keep all your money with you i.e. in your house. Suddenly, for no apparent reason your house is on fire! All your money is gone. Puff, vanish. But if you put it in a bank there will be prevention from such accidents, theft, robbery, etc. Except from black hat hacker though. But still, it's totally worth it!
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OberHerr
Posts: 13,062
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3/30/2013 12:20:34 PM
Posted: 3 years ago
Maybe not a savings account, but I guess for this case its a big "Why not?"

I mean, its not a lot of money, but it is some money.
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lewis20
Posts: 5,093
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3/30/2013 12:24:47 PM
Posted: 3 years ago
Just don't do a big bank, go with a local credit union.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
OberHerr
Posts: 13,062
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3/30/2013 12:26:04 PM
Posted: 3 years ago
At 3/30/2013 12:24:47 PM, lewis20 wrote:
Just don't do a big bank, go with a local credit union.
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tulle
Posts: 4,445
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3/30/2013 12:29:47 PM
Posted: 3 years ago
It's important to have a relationship with a bank, especially if you want to someday take out a loan or a mortgage...

I don't have my bank accounts because of interest. I do it for convenience and, as someone else said, safe-keeping.
yang.
Khaos_Mage
Posts: 23,214
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3/30/2013 3:15:02 PM
Posted: 3 years ago
At 3/29/2013 5:57:49 AM, royalpaladin wrote:
The interest rates for savings accounts are a joke . . . You literally don't get any return on the investment, but the bank makes millions through loans. Is it really worth it to get a bank account in the US?

1. Establishes credit.
2. Some interest is better than none.
3. Cheaper
- It is cheaper to have a checking account than buying a money order every time.
- It is cheaper to deposit a check instead of paying someone to cash it.
4. Safety
- If the money was under your matress and stolen or there was a fire, you'd be out of luck (unless you had insurance and could prove the amount somehow). In a bank, they have insurance and proof for you.
5. Convienence of being able to write a check, not carrying around cash at all times, and beign able to have things deposited (direct deposit, refunds)

For the record, the bank isn't making millions off of your $500 savings account. It might be on the thousands of $500 CDs they offer, with better rates than savings, or high minimum balance savings accounts (like money market accounts) where, again, they pay more interest. But, the investment on our end is pretty much nothing, as the money is still quite liquid, so there is little risk.
My work here is, finally, done.
FREEDO
Posts: 21,057
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3/30/2013 7:40:57 PM
Posted: 3 years ago
At 3/29/2013 10:11:11 PM, johnnyboy54 wrote:
At 3/29/2013 6:12:53 PM, FREEDO wrote:
At 3/29/2013 3:53:49 PM, Cermank wrote:
At 3/29/2013 2:55:19 PM, FREEDO wrote:
No. My bank is eating me alive. And they are somehow able to keep me from leaving.

How?

I don't even know. None of it makes sense to me.

Is it just a normal savings account?

Yes.
GRAND POOBAH OF DDO

fnord
lewis20
Posts: 5,093
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3/30/2013 7:53:39 PM
Posted: 3 years ago
Also, banks don't loan out your money and make interest on it. There's more smoke and mirrors to it, they'd still make loans regardless of deposits they hold.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
Ragnar_Rahl
Posts: 19,297
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4/5/2013 7:00:19 PM
Posted: 3 years ago
Check out what your local credit union has going on, some might have something weird. I have an account in BECU where the first 500 dollars in savings and first 500 in checking earn 6 percent interest. then the interest after that is pretty normal .1%. But that first 500 in each is pretty damn good.

but yeah, either way, definitely makes sense to put money you want to be able to access in the next year or so in the bank-- in a checking or standard savings account (not money market or CD or whatever). Long term investments don't belong there.
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