Having a bank account can boost your budget in new ways. You can earn interest and your money is insured (up to $100,000). Your mattress can’t keep your money that safe. So, here are three good reasons to open a bank account.
- Pay Bills. When you have an account, you can pay your bills online. If you like standing in line for money orders to pay your bills then you should probably stick with the mattress account. They charge you for the money orders, also. With an account, you can easily manage and pay your bills.
- Direct Deposit. Direct deposit of your paycheck is quicker then waiting for the mail. I have my money available in my account two or three days before I would receive it in the mail. Then, if you have an actual paycheck, you need to go stand in line to cash the check and sometimes they will charge you a fee.
- Interest. You can earn interest if your money is an account. An account is a great way to earn a little extra money each month. It’s only a few bucks but if it saves you more than that in fees, it is completely worth it.
It’s a great idea to open a bank account. The account can help you build wealth, credit and manage your money. If you can’t qualify for a checking account, start saving your money in a savings account.