Here are the reasons why you need a bank account to keep your cash.
1. Banks are the safest place to keep your cash. Aside from the bank’s vault, banks implements systems to keep your money really, really safe. Bank deposits are covered with insurance. Just in case something untoward happens to your deposits, an insurance company will take care of your cash.
2. Monies kept in banks earn interest while those kept in sock drawers and under the mattress do not. Regardless of how high or low the interest rate is, your bank deposits earn you extra cash without exerting any effort.
3. A lot of business transactions today are done online. Buying and selling online, such as those paid through PayPal would require a bank account.
4. Most bank accounts can be accessed online. Checking your daily balances, setting up orders, money transfers, and many other cash transactions are conveniently catered by bank accounts.
5. Applying for loans and mortgages would require bank accounts. Lending institutions use your bank details to establish your credit score. Some loans also require the issuance of postdated checks for the loan payments.
6. Most bank accounts have riders to several banking services like credit cards, ATM cards, and check books. Depending on the type of bank account you open, you can have access to these services when you open a bank account.
7. Bank accounts increase your market value. Regardless of your social disposition, doing business with the bank these days carries with it a certain level of respect, dignity and self-worth that money cannot buy.
Having said all these, maintaining a bank account is still the most stress-free way of managing personal cash.