5 Advantages of Saving Money in a Bank You Need to Know - PT Bank Multiarta Sentosa Tbk | Bank MAS (2024)

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5 Advantages of Saving Money in a Bank You Need to Know - PT Bank Multiarta Sentosa Tbk | Bank MAS (1)

Saving in a bank is a very important step in managing personal finances. By saving at a bank, you can prepare for various needs in the future, such as the need for marriage, education, buying/building/renovating a house, to emergency fund needs.

Saving at a bank also has various advantages to consider when saving money. Let's read the advantages of saving at a bank in this article so that you understand and are more confident about saving at a bank.

Advantages of Saving at the Bank

Here are some of the advantages of saving at a bank that you can understand before saving at a bank.

  • Guaranteed by LPS

Saving at a bank provides better security protection than keeping money at home. Banks have strict security systems, such as protection against theft and loss of money.

Deposits at the bank are also guaranteed by the Deposit Insurance Agency (LPS), so if the bank where you save goes bankrupt, you will not lose the funds in your savings because LPS will guarantee them according to the terms and conditions that apply.

Before saving at a bank, ensure the bank you choose has permission from the OJK and is guaranteed by the LPS, so you can feel calm and confident that your funds are safe.

  • Earn Interest

One of the main advantages of saving at a bank is the growth of your funds. Banks provide interest or returns on your savings balance. The bank's interest will help increase your savings' value over time. The bigger and longer you save, the bigger the profit you get.

At Bank MAS, you can choose SIMASTER savings with competitive tiered interest, so the bigger your savings balance, the bigger the interest you can get.

  • Transaction Ease

Banks provide various facilities to access your savings easily. You can use a debit card or ATM to transact, such as withdrawing cash or transferring between accounts. Several banks also provide online banking services such as mobile and internet banking, allowing you to access your savings account anytime and anywhere.

At Bank MAS, you can experience various transaction conveniences at more than 90,000 Bank MAS ATM networks, Prima, GPN, and Alto. And you can take advantage of mobile banking facilities with the MAS Mobile application and Bank MAS internet banking for transactions anytime and anywhere.

  • Help Manage Finances

Saving at a bank helps you manage your finances in a more organized and planned manner. Having a savings account lets you separate funds used for daily needs from savings funds. You can also check your savings funds' incoming and outgoing flows through neatly recorded transaction history or account mutations.

This will help you understand your income and expenses in your savings, making it easier for you to budget and control expenses.

  • Get Various Promos

The fifth advantage of saving at a bank is getting various promos. If you like online and offline shopping, banks often offer various attractive promos. This can be an advantage because you can use bank promos to save on your expenses.

At Bank MAS, you can also get various attractive promos which you can see on the Bank MAS website promo page.

Open a savings account at Bank MAS

After knowing some of the advantages of saving at a bank, you can make Bank MAS an option to open a savings account. You can open a MAS Savings account that offers easy registration through the MAS Mobile application or open a SIMASTER savings account with competitive tiered interest rates at the nearest branch office.

Sources:
OJK

Bisnisindonesia.com

Indonesiabaik.id

Kumparan.com

5 Advantages of Saving Money in a Bank You Need to Know - PT Bank Multiarta Sentosa Tbk | Bank MAS (2)

5 Advantages of Saving Money in a Bank You Need to Know - PT Bank Multiarta Sentosa Tbk | Bank MAS (2024)

FAQs

What are 3 benefits advantages of saving your money at a bank? ›

Saving at a bank helps you manage your finances in a more organized and planned manner. Having a savings account lets you separate funds used for daily needs from savings funds. You can also check your savings funds' incoming and outgoing flows through neatly recorded transaction history or account mutations.

What are the advantages of a bank savings account 4 points? ›

Advantages of Having a Savings Account
  • Provides a Secure Way to Save. Savings accounts at Huntington are FDIC insured up to applicable insurance limits. ...
  • Accrues Interest Over Time. Accruing interest is another benefit of savings accounts. ...
  • Funds Are Easily Accessible. ...
  • Easy to Open.

What is a major advantage of keeping money in a savings account? ›

Key Takeaways:

With FDIC insurance, savings accounts provide peace of mind, ensuring up to $250,000** of your savings is protected. Savings accounts allow your money to work for you by earning interest over time and facilitating automatic bill payments, contributing to effective financial management.

What are the 5 advantages of money? ›

The role of cash
  • It ensures your freedom and autonomy. Banknotes and coins are the only form of money that people can keep without involving a third party. ...
  • It's legal tender. ...
  • It ensures your privacy. ...
  • It's inclusive. ...
  • It helps you keep track of your expenses. ...
  • It's fast. ...
  • It's secure. ...
  • It's a store of value.

What are the advantages and disadvantages of bank savings? ›

Savings Account: Pros & Cons
ProsCons
High interest earnings will grow your money exponentially over time.Limited to certain types and amounts of withdrawals and transfers.
You can withdraw at any time during your bank's business hours.May require a minimum balance to avoid paying fees.
2 more rows

What are two advantages and two disadvantages of savings accounts? ›

Savings account benefits include safety for your savings, interest earnings and easy access to your money. However, savings accounts may have drawbacks, such as variable interest rates, minimum balance requirements and fees.

What are the advantages of a bank savings account Quizlet? ›

-Provide you with a safe place where you can store your money. -Savings accounts provide you with FDIC insurance. -Savings accounts allow you to earn interest. -Interest on saving account is calculated on the account's outstanding balance at end of each day.

What are two pros of having a CD? ›

The pros of CDs
  • A fixed interest rate. When you open a CD, you decide exactly how much you want to invest and how long to invest. ...
  • Higher returns. Those average rates are typically higher than you'll receive in a traditional savings account. ...
  • Predictable returns. ...
  • Interest options. ...
  • Ladder options. ...
  • Security.

Is it good to open a savings? ›

Opening a savings account can help you save for a specific purpose and keep your focus on your future goals. If you're looking to open a savings account, open a savings account, find one that works for you and your needs.

What is the main advantage of using money? ›

Simplifying Trade: The Key Advantage of Money. The principal advantage of using money as a medium of exchange is its capacity to simplify trade. Prior to the widespread adoption of money, economies were primarily based on bartering - direct exchange of goods and services.

Is it safe to keep money in credit Karma? ›

The balance in your Credit Karma Money Save account is eligible for FDIC insurance up to $5,000,000. There's never a minimum balance to open and maintain a Credit Karma Money Save account, and there are no hidden fees.

Is it safer to keep money in savings? ›

Protecting Your Money in the Bank

Since your savings accounts usually aren't connected directly to your debit card, the funds in savings should be safer from debit card thieves.

What are 3 advantages of money? ›

Benefits of Money
  • Money gives you freedom. When you have enough money, you can live where you want, take care of your needs, and indulge in your hobbies. ...
  • Money gives you the power to pursue your dreams. ...
  • Money gives you security.
Dec 21, 2023

What are the 4 advantages of money? ›

When you have more money than you need, life becomes easier. You can afford to pay someone else to do your chores for you. Having enough cash makes it possible for you to take a vacation from time to time without having to save up all year first. Economical: Having money makes it easier to buy things.

What is the advantage and disadvantage of saving money in the bank? ›

Savings account benefits include safety for your savings, interest earnings and easy access to your money. However, savings accounts may have drawbacks, such as variable interest rates, minimum balance requirements and fees.

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