Topic: Is it safe to keep your money in bank? (Read 2515 times)

I think this is both relative and subjective at the same time, so everyone should do what pleases them. Keeping the money in the bank is not so bad but have you also thought about the inflation that is plaguing almost all the nations of the world? This is the issue with people keeping their money in the bank where the bank will give them a peanut as the interest accrued even as the bank continues to make huge income from the money, which is the most painful part of it all.

At the same time, cryptocurrency is a very good option, but what if the investment plans fail? This is not so impossible if you look at what happened in the last bull run. There are many investors that has not gained back 20% of the money they lose to various altcoins, not to talk of gaining back the whole 100% this year or next. In many cases, this may not be possible anymore since some altcoins may never hit their ATH again. This is a loss!

So it is not so convenient in the cryptocurrency world as well. But what you never added is the fact that there are other investment opportunities. Instead of we keeping our money in bank and investing everything in cryptocurrencies, why not diversify it? If done properly in at least 5-10 differents sectors, I am sure that nothing adverse can take that way from the person. And this will be a smart move to avoid banks issues and still edge against inflation in a way and try to secure one's future better.

Both banks and cryptocurrency exchanges have difference in security depending on which ones you choose. Some just prefer to use crypto exchanges, doesn’t matter if centralized or decentralized, as it is not directly linked to the government among other things.

Some also think that fees, insurances, loans and those kind of things are not reasonable when it comes to banks so they prefer crypto exchanges.

Banking systems of different countries have different types of security. The systems of developed countries are very advanced. In middle-income countries, the banking system is very weak, with many reports of money disappearing from domestic public banks. Surely a hacker group is working, only due to underdeveloped technology such incidents are happening. Again there are some countries where many people have no education knowledge, they are only depositing their money in the bank with their fingerprints. Hackers are targeting those people and are easily taking their bank account numbers with all pin code access. Banking system is now digital and crypto currency is also run through digital internet now, only because of this digitalization are hackers taking such opportunities. Educate people and keep technologies updated only if necessary now. However, a big advantage of keeping money in the bank is that if there is a problem, you can ask for compensation there, but if you invest money in crypto currency, if the money is lost, it will fall on you.

You're absolutely right saving our money on the internet has a higher risk, because if your account is been hacked by any means there's no way you're going to get a refund because no where to make your report. but for bank if you have any problem with your account you can go directly to there customers service to report your problems and they're going to have it figured out for you. However there is  risk in both side  but I think the risk involve in banking systems is low compared to the risk in the internet.

I agree with you. It is better to entrust your money to a bank rather than an independent exchange. Talking about banks that will close, I think this will only happen to a few small banks and rarely happens to big banks unless there is a major event that befalls the world such as the 2008 world crisis or the 1998 Asian crisis. Usually banks that close have a kind of insurance that will guarantee customers' money with conditions. certain. This is different from exchanges where they have the risk of losing your money. As is the case with FTX and Bitforex. Even though there is a promise of return, there is no guarantee like a bank.

I don't know how the banking system works in other countries, but personally, I keep most of my money in local government-owned banks, and I think many people do that, and indirectly they trust banks to keep their money. In this case, even though we don't trust banks 100%, when a local bank does something wrong, we know where to report it, and the government guarantees this because they are the managers. However, wherever you save money, there will still be risks, in fact I feel that saving money on the internet has a higher risk. When your money is lost, it is very difficult to process the money, especially if the money is taken by hackers.

Regarding security, it should be our responsibility to always ensure that we access our mobile banking via a secure network and also how to secure the devices we own.
Saving money in the bank can be said to be safe, even though currently I often read news in the local news about how people have had their savings transferred to other accounts without them knowing, and it seems like this is purely the bank's fault, but I still think saving in the bank is safe.
The suggestion is to convert it to crypto, for example in stable coins, in my opinion this is not a good choice, because you will not receive any benefits because the price will also be stable and you could even be at risk of being hacked or the stablecoin losing value, while other coins you will be at risk of having to sell at a loss if the initial purchase was not as an investment, so exchanging to crypto should be if we really intend to invest and keep fiat in the bank, in real life we often use fiat, if the bank is not safe, then keep it in the wallet that you usually put in your pocket.

    In other people or the majority, they believe in or have trust in the bank. The only problem is that some people don't have money to save in the bank, others don't trust the bank, and some don't because they prefer not to sleep in the bank because the interest per year is small.

    Now, if you ask me, it's okay to have savings in the bank because sometimes it's necessary for the requirements to get approved for something that requires us to have a personal bank account to get what we want, like applying for a housing loan or something like that. But if I put millions of dollars in the bank, I won't do that. I would rather be involved in business than
in the bank.

Yeah, nothing beats that of course. We have to keep our assets in our custody and if you are going to trade, use only the amount that you'd be doing for trading. Don't over deposit with the amount of money that you cannot afford to lose because that's where many traders are doing a mistake. They deposit a lot and when it's not part of the plan, what they do is they also use that to trade but eventually, they're losing that money which results them to lose it and do things unplanned.

No matter what they/we engage in, I would still be wise to involve in those things with little funds that we can afford to lose, not using our entire funds just because 9f promise of profits, in most cases when people get scammed it's mostly a greed function, cause I can't see how people end up in scheme so good to be true that nobody should believe in but they still try anyway.

It's better to keep your asset in your custody, no exchange can be trusted, worst they can even seize your crypto and jts gone, just use then as a means to an end to accumulate bitcoin.

I wonder when i heard about that. But I didn't feel safe to keep Money anywhere except banks, but if banks start shutting down then don't know who will give the assurance of return. But Op, Exchange suppose to be more dangerous than Silicon Valley Bank lol. Its hard to believe such new individual organization or I don't have any idea about such thing. Crypto wallets still aren't safe. You have options to invest in asset or somewhere esle but you know what? Sometime you don't have any option rather than trust banks in your country for security. And of course not every banks are going to shut down

Keeping money in banks is safe but there are many people who prefer investing in cryptos rather than banks. Although crypto is dangerous if you understand the correct position of the market and invest in the right currency like bitcoin it is never dangerous. The government has to pay tax to keep money in the bank there is no such hassle for crypto.

Yeah securing our coins in the centralized exchange is worst than the traditional bank because it is very vulnerable and prone to scammers and when it happens there is no one be blamed but you and there no way you can recover your lost coin but when it comes to our traditional bank being bankrupt they already have an insurance in such a situation meaning that there is still a way of you getting back your money back it will only take some process and time.

Op I don't really get your point,your points are so misleading to someone new in this space.First,the centralized exchange you said it's secured to store crypto is totally wrong, centralized exchanges are not meant to store our crypto rather they meant to sell,buy and trade crypto any crypto enthusiast that store his or her asset on centralized exchange will see nothing but the end result of been scammed.Crypto should be stored and secured in a non-custodial wallet.
Banks are safe to keep our money as they are backed up by government.Banks are hardly bankrupted except it's a bank that doesn't have tight security defence.If an individual wants to save his or her money in the bank, accounts of how reputable and trustworthy the bank is should be emphasized before saving his/her money.Many people are scammed because they shared their personal informations to scammers.

Actually saving money in the bank is most secure place but depend with your history activities how potential your mobile phone hacked and loss access with your money in the bank. In my country, many hacking cases happening for some one holding or saving their money in the bank with the mobile banking account got hack, its easily for scammer how sending all amount in your bank book without get refund because some bank regulation its your own mistake.
Better not put all your money in the bank, spent half or 60% above in digital or cryptocurrency assets by holding stable coins with low risk or price decreasing and put few percent of your money in the bank as daily needed to make transaction. I hate with some Bank regulation less responsibility when their costumer losing money in the bank.

Our money is saved in the bank but why are we not utilising this money in any investment to make its use in a better way. Our saved amount in the bank can only be profitable during any emergency but if we invest our money in something beneficial then we will continuously take profit from it but for investment you have to learn well while in case of saving you have no need to learn from different courses.

But it's up to a person and if he does not need to make an investment then he can also save it in bank and bank will keep his amount safe no matter what happens to it bank will give you your saved amount in exactly the same amount so both are beneficial but if someone wants to grow his money then he should invest.

Well Said, i keep wondering why most people keep saying that bank is very risky, if I May ask what really makes you think that bank is very risky? Bank can only charge for maintenance fee if there's any other thing attached you can go to the bank to complain to them, I'm pretty sure that they will have things figured out for you,  bank has been there for so many years but yet no one has ever talked about the risk. However if bank is that risky, did you think people will still continue using Bank as a means of saving thier money? You can only consider bank been risk depending on how you manage your bank details, if you secured your bank details there's no way you're going to get scammed.

Why do you think that keep your funds in the bank is very risky? But we have been using banks before the adoption of cryptocurrency so why now you see that disadvantages in putting your funds in a bank. We don't have to put all our eggs in one basket that is why we need to invest also have some funds in the bank so in case anything happens to your crypto portfolio, you can quickly go to the bank and withdraw your funds for anything you intend to do with it. We should not just write because we want to impress some group of people.

Keeping money in the bank can be safe to an extent but for me I don like keeping money in the bank because bank will be using someone's money to trade and do all sorts of things and at the end of the month they will charge someone for the transactions they do.

However,  somehow I feel that most of the money that scammers do collect from our bank account i think sometimes the bank are responsible for it. Imagine where someone will go to the bank to collect money and on his way coming back he got ambushed by unknown men, most times this is done by banks and sometimes it's done by someone who's monitoring you. Sometimes I use to ask myself, this people that will call you and give you some run down of your account details who are they, are they not former bank workers.

Moreover,  for me I prefer to keep my money in my wallet so that if anything goes wrong I will know is my fault and not where I will entrust my money to bank and at the of the day they can't protect it well.

Banks do not look reliable because they are controlled by the state. But some part of the assets may be kept in the bank.
Keeping everything in cryptocurrency is quite dangerous. Assets need to be diversified.