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You may prefer keeping your money at home in piggy banks, but then you are missing on huge benefits. Having a bank account where you can deposit your money instead of keeping it at home comes with several benefits. Several financial institutions offer banking services that can hold money for you. You can withdraw and deposit at will, and you get to enjoy other services such as check facility and debit card facility, among others. Here are some benefits of having a bank account:

Keeping your money safe

Keeping money in an account ensures the money is safe. If you keep your money at home it someone can easily steal it, or you can lose it during a disaster. However, in a bank account, your money is secure because up to a specific amount of it receives coverage by the state. Even if the banks go bankrupt or disaster striker, your money will always be safe.


With the bank account, you will get a debit card that offers you convenience. You can withdraw money from the ATM to pay for your grocery shopping. Equally, you can use the debit card to make payments where they accept credit cards.

Makes the payment of bills easier

Most bank accounts can enable you to pay for your regular bills such as utilities, loan payments, and insurance premiums.They deduct the cash directly from the account, thus saving you the cost and time of mailing a money order or check. Equally, with a bank account, you can directly deposit a paycheck to your account.

Accessing credit

Financial institutions can help you secure a mortgage, student, personal, or car loan when you have a bank account. This is advantageous relative to small lenders who can loan you quick money but charge exorbitant interest rates and lending fees.

Why I should have a bank account

A bank account can help you in keeping your money safe, and it also offers convenience as you can access your money from anywhere with a debit card. It also can help you in managing your money because you can track transactions using a passbook.