Question

why do people save their money in bank?

Answer 1

Answer:

Bank is an is an easy way to save money. Money will be protected from theft and fires. Plus your money will be federally insured if your bank closes, you will get your money back.Bank also gives an interest rate when you put your money in a savings account. Bank accounts are free or low of cost . And keeping your money in your local bank strengthens that bank so it can make more loans and help the local economy grow. So there is goodness in keeping your money in a bank. Beside this you can save money for emergency and use it efficiently while emergency.

Hope hope it helps you!

Answer 2

The question asked is why people save their money in banks and the reasons for the same which will be:

• The bank is a type of financial institution that is involved in the lending and borrowing of money.
• The people deposit their hard-earned money in the banks for interest and this amount is given to other customers in the form of a loan.
• The profit of the bank is the difference in interest between the deposit and the loan amount.
• People save their money through banks as banks are considered to be very safe.
• The people know that by saving the amount in the bank this amount can be utilized at times of emergency.
• The customers can earn more money as interest by keeping their money in the bank.
• Along with providing interest, the banks offer also financial advice to their customers by which their customers can earn more money.
• Due to the above reasons, people save their money in a bank.

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