I am just not captivated by the idea.
I personally am more inclined to saving money the "traditional" way wherein I have my own piggy bank and put all my bills and coins there. It's practical and I won't have to go to a bank to withdraw or whatsoever.
Some people have told me that it's time for me to open up a bank account for me to buy things online if I want to or if I would want to avail loans in the future.
I personally find "loans" pathetic because I would never avail something I really cannot pay with my own money; I hate owing money to any entity.
I am not considering in opening an account but people are making it appear like it's an important thing to have as a teen.
Thank you, Gag 😊
Most Helpful Guy
-- you can have a bank account where you can get interest on the money in the account, so essentially you are making money for doing nothing
-- protection of having your money insured, whereas if you lose cash it's just gone
-- larger purchases are far easier to make with a debit card, credit card or check rather than walking to a car dealership with a suitcase full of cash
-- employers typically prefer and some only offer direct deposit payments8
Most Helpful Girl
Sorry to tell you this but debt is what makes the world go round. You may have the altruistic view of not buying anything you can't pay cash for, which is admirable but improbable. If you ever want a house or new car or your own business the odds are even lower. Banks are a safe place to keep your money, insured and protected vs a piggy bank or mattress. Having an account help create relationships available you to use a debit card and write checks. (The cave company doesn't want you oating in coins through the mail) and while interests rates are currently abysmal, you do have the ability to earn something vs keeping cash in your sock drawer.3