24 Jul 2022

What are the pros and cons of putting your money in a bank?

Interest Duty Apply to Banks

It can be scary to place all of your money in a bank. While banks are designed to keep money safe and stored in one location, some cons are worth considering when you are thinking of putting money in your bank account. 

Most of the pros truly outweigh the cons. When you put money in your bank, it is easier to save the money since you cannot always touch it. It is also a lot harder to lose money when the money is stored away in a bank. Another pro to consider is that banks are trustworthy and many banks in Australia have high-tech security measures as well as team members to ensure that your money stays where it needs to be.

Placing money in a bank is also an efficient way to pay for items, especially since most places take debit cards. The cons, though, are scary, but you may be happy to know that the cons are not as plausible as the pros. 

For example, one con to putting money in a bank is that you do not carry cash and some ATMs force you to pay fees to take money out of the account. Another concern is that banks are not always secure. If anyone hacks into the system, your money could be gone quickly!

Pro vs Cons Banks Conclusion

When weighing the pros and cons of using a bank to place your money, try and draw a diagram and write down the answers to each with bullet points. Mortgage House is not a bank, but a lender that focuses on personal, business, commercial, and car loans.

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