Approximately 14.1 million U.S. adults do not have a bank account. Are you one of these individuals? If you currently do not have a bank account, what is stopping you from getting one? Some people live their lives and never need a bank account, but most people need one. Having a bank account is essential for many reasons, and here are some of the top perks of having one.
You Have a Safe Place to Store Your Money
Bank accounts provide a safe place to store your money. When you open an account with an FDIC-insured bank, your money is safe. You will not risk losing the money, and it will always be there when you need it. You can withdrawal money by going to the bank or by using an ATM card. You can deposit money through your phone app or by visiting the bank. If your employer offers direct deposit, you can enroll in it to have your paychecks automatically deposited into your bank account.
You Can Earn Interest
Secondly, if you compare your options, you might find a bank that pays interest on deposits. If you have an interest-bearing account, your money will make money. You will not have to do anything to earn this money. If you have cash in your account, it will earn interest.
It Makes Paying Bills Easier
Having a bank account also makes paying bills easier. You will no longer have to pay cash for every bill or purchase money orders to pay your debts. You can write checks for your bills or pay electronically. Most banks even offer bill-pay services through their online banking systems. Through a bill-pay system, you can set up payments in your account for specific dates. When these dates occur, the system will pay the scheduled bills.
You Have a Place to Use for Other Services
Finally, having a bank account means that you have a bank to use for other services. If you encounter a time when you need a cashier's check, your bank might offer them for free to account holders. If you need to cash a check, your bank will provide this service for free because you are an account holder. You can also take advantage of many other services that banks provide if you have an account.
These are some of the top perks of having a bank account. If you would like to open one, contact a local bank to find out how.