{"id":6273,"date":"2019-04-22T07:53:19","date_gmt":"2019-04-22T07:53:19","guid":{"rendered":"https:\/\/www.mymoneysouq.com\/financial-blog\/?p=6273"},"modified":"2019-11-04T13:12:27","modified_gmt":"2019-11-04T13:12:27","slug":"8-reasons-why-one-should-have-a-savings-account","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/8-reasons-why-one-should-have-a-savings-account\/","title":{"rendered":"8 Reasons why one should have a Savings Account"},"content":{"rendered":"\n<p>A savings account is an essential bank account that allows you to save money in a secured place and can access at the time of need. Financial institutions offer some profit rates on the balance maintained in a savings account. <\/p>\n\n\n\n<p>There are multiple benefits in having a savings account. One can start a savings account whenever they want as the process is so simple. Most of the financial firms allow you to apply for a savings account online by providing ID proofs and other necessary documents. The applicant has to be 18 years or above to start a savings account.<\/p>\n\n\n\n<p><strong>Check:<a rel=\"noreferrer noopener\" aria-label=\" Top 5 Savings Accounts in UAE (opens in a new tab)\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/top-5-savings-accounts-dubai\/\" target=\"_blank\"> Top 5 Savings Accounts in Dubai<\/a><\/strong><\/p>\n\n\n\n<p>The savings account is easy to maintain. There are several banks that provide savings account with no or less minimum balance criterion. <\/p>\n\n\n\n<p>The following are the reasons to have a savings account.<strong><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Easily Accessible<\/strong><\/h3>\n\n\n\n<p>You can access the money present in the savings account whenever required. The bank provides an ATM card to access money from your account. Apart from the ATM cards, banks provide cheque book as well on the savings account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Security<\/strong><\/h3>\n\n\n\n<p>The money is safer in the savings account in the financial institution. The money will be insured in the savings account which means money is protected even if the bank goes under.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Risk-Free Money growth<\/strong><\/h3>\n\n\n\n<p>The Savings account provides a safe growth of money by offering competitive interest rate. For people who are willing for risk-free options to raise their money, the savings account can be a good option.<\/p>\n\n\n\n<p><strong>Also Check: <a rel=\"noreferrer noopener\" aria-label=\"How to choose a Bank to open a Savings Account? (opens in a new tab)\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/how-to-choose-a-bank-to-open-a-savings-account\/\" target=\"_blank\">How to choose a Bank to open a Savings Account?<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Flexible account options<\/strong><\/h3>\n\n\n\n<p>Most of the financial firm\/banks allow you to open multiple savings account. This allows you to utilize the savings and budget for different purposes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Emergency Fund<\/strong><\/h3>\n\n\n\n<p>The savings account is the right place for planning an emergency fund. This fund serves as a reserve in case if you need cash in case of unexpected expenses, medical emergencies, etc.<\/p>\n\n\n\n<p><strong>Check:&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/what-do-teenagers-need-to-know-about-money\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"What&nbsp;do&nbsp;teenagers&nbsp;need&nbsp;to&nbsp;know&nbsp;about&nbsp;money? (opens in a new tab)\">What&nbsp;do&nbsp;teenagers&nbsp;need&nbsp;to&nbsp;know&nbsp;about&nbsp;money?<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Target Saving<\/strong><\/h3>\n\n\n\n<p>For huge expenses like home remodeling, vacations, vehicle, down payment for a property, etc requires money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Financial Habit<\/strong><\/h3>\n\n\n\n<p>Maintaining savings in the savings account is a beneficial financial habit. By setting money aside on a systematic basis you can develop a habit for saving money which fulfills your needs in the long run. Indirectly you are working on your financial stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong> Additional Benefits<\/strong><\/h3>\n\n\n\n<p>There are multiple benefits in having and maintaining a savings account. These benefits are the provision of locker, debit card, cheque book, etc.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Savings account fulfills your long term financial goals with low risk. Its always the money in a savings account that will help us in affording education, luxury items, repairs, etc. If an individual does not have any financial goal, it is still important to maintain a savings account which might help him\/her for future use or in emergencies. Maintaining the savings account is a healthy habit to lead a safe and secure lifestyle.<\/h5>\n","protected":false},"excerpt":{"rendered":"<p>A savings account is an essential bank account that allows you to save money in a secured place and can access at the time of need. Financial institutions offer some profit rates on the balance maintained in a savings account. There are multiple benefits in having a savings account. One can start a savings account [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":6281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,91,8],"tags":[],"class_list":{"0":"post-6273","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-general","9":"category-lifestyle","10":"category-personal-finance"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Reasons why one should have a Savings Account - MyMoneySouq Financial Blog<\/title>\n<meta name=\"description\" content=\"A savings account is an essential bank account that allows you to saving money in a secured place and can access at the time of need.There are multiple benefits in having a savings account.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/8-reasons-why-one-should-have-a-savings-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 Reasons why one should have a Savings Account - 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