Considering the instability of the world around us, it is not a bad idea to save some money for a rainy day or maybe to achieve some future goals you have in mind. When opening a savings account, you can keep your money in the bank while gaining interest. More simply, your bank pays you to deposit your funds.
So, to answer the question ‘are savings accounts worth it?’ the answer would be YES! But you may ask why they are worthy? To answer your question here are some of savings accounts’ benefits:
Lay Back and Earn Money.
Why keep your extra money stashed at home and miss out on a great opportunity to make money?! Unlike other types of bank accounts, a savings account has the advantage of earning interest. The interest rate differs depending on the bank and the amount of deposited funds. This may be one of the biggest benefits of savings accounts, which can result in a noticeable improvement in your income. If you look at it from another angle, opening a savings account equals starting an investment, you get annual profits with no effort.
A Safe Place for Your Money.
A savings account is the best place to keep the extra money you saved or set aside for emergencies. Opening a savings account will ensure that the money you worked hard to earn is secure, and you can always keep track of it. The process is easy, you can open an account within minutes, and will be able to access the account and make transfers at any time. This way, you don’t have to worry about losing your savings.
You are Always Prepared.
There are many saving programs and plans other than savings accounts, but there is a major difference between them which is accessibility. With a savings account, you have full accessibility to your money at any time, so you can easily withdraw your savings whenever you wish to. This would come in handy if you faced any emergency where you need a sum of money that you don’t have in your current account. A lot of banks will also allow you to connect your savings account to any other bank accounts you own, this way you can transfer money with ease.
Today, many banks offer some additional benefits and a series of value-added services for their savings accounts’ owners. Such benefits may include discounts on purchases from certain stores, cashback, and reward points on their debit cards.
Now that we explained why it is a good idea to have a savings account, you may be considering opening one of these accounts in the near future. But before taking this step, you need to compare between different banks by looking into their interest rate, fees, the minimum balance needed to open an account, and other details. Choose the one you think is more convenient for your financial needs.
If you are an Emirati or a resident of the UAE, then no need to go through this hassle because we know the right place for you. Abu Dhabi Commercial Bank has two savings accounts that are perfect for those who wish to fulfill their dream of becoming millionaires overnight.
ADCB’s Emirati Millionaire Savings Account and ADCB’s Millionaire Destiny Savings Account are both Shari’ah compliant savings accounts with numerous benefits to offer. Upon opening one of these savings accounts, you’ll start earning profit from your savings. You’ll also get a debit card with instant access to your savings and no limits on withdraws. Emiratis who own Emirati Millionaire Savings Account will also get the chance to earn Touchpoints that can be redeemed in different ways.
What about ‘’becoming a millionaire’’?! Millionaire Savings Account and Millionaire Destiny Savings Account offer their owners the opportunity to win a monthly prize of 1 million AED along with other monthly prizes.