Benefits of Savings and Savings Goals (Complete Discussion)

September 26, 2023
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Benefits of Savings and Savings Goals (Complete Discussion) – Once we know meaning of savings In the previous discussion, this time we will discuss the benefits of savings itself and its objectives. The benefits and goals of savings will be explained below.

Benefits of Savings and Savings Goals (Complete Discussion)

Let's discuss the benefits of savings first carefully.

Savings Benefits

The benefits obtained for the bank itself, namely:

Savings are a source of funds for the bank and can be used to support bank operations in obtaining profits (profit).
Savings can be a support for attracting customers to use facilities and many other products.
To assist local government programs in advancing economic growth.
Increase awareness of the public to save their money or assets in banks.

The benefits obtained by the customer include:

They will be guaranteed the safety of their money in the bank.
It will be economical for those who save at the bank because they avoid using money continuously.
There is certainty when withdrawing money, because you can withdraw money anywhere and anytime with ATM facilities.
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Savings Goals

Savings have goals, including:

Make people interested in becoming bank customers by entrusting the bank to manage their funds.
Improving services to bank customers with frequent transaction facilities such as withdrawals, deposits and others.
As a tool to facilitate business transactions or individual businesses.
The money that customers set aside from their income at the bank can be used for future reserves.

Savings rate factors:

The high and low of a community's income.
High and low bank interest rates.
There is a level of trust in the bank.

There are several important things you should pay attention to when saving.

Before you save at the bank, you should ask about the interest calculation method applied by the bank.
Savings interest rates can change at any time (can be at any time), which is why they are called floating interest rates.
Some banks set a fixed savings interest rate for a certain period of time (fixed rate).
The savings interest earned will be taxed according to applicable regulations.

That's our brief discussion about Benefits of Savings and Savings Goals (Complete Discussion), hopefully it can be useful for all of us. Thank You.

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