4 Benefits of Saving Money in the Bank

An Oportun customer receiving their loan installment.

Do you save your money at home? Have you wondered if you should open a bank account or join a credit union? Here are some of the benefits of saving money in an account.

1. Keep track of your finances

It can be hard trying to remember whether you paid a bill, how much you paid for groceries, or how much money you have left. Banks and credit unions keep track of all your deposits and expenses, so having a record of your finances can be as easy as checking the banking app on your cell phone. Checking accounts come with debit cards, and when you use your debit card, the bank or credit union even keeps track of each expense and where you spent it!

2. Safety of your money

The money you put in U. S. banks is insured by the U.S. Federal government – up to $250,000 — even if the bank burns down or is robbed, your money is backed up and safe.

3. Earning interest

Whether it’s with your local credit union or a national bank, some banks will pay you a small percentage to keep your money with them. Check who has the best interest rates to grow your money over time.

4. Easy access

Most banks and credit unions have ATM access all over the country. So, wherever you are, no matter what time of day or night, you can access your money.

Did you know? During the loan application process, Oportun accepts bank statements as proof of income if you don’t receive or have any paystubs from your employer.

Putting away money for your future is always a good idea, and where you decide to store it is just as important. Keeping it at home may feel safer, but it won’t be safe in case of a flood, fire or a burglary. Keeping your money in a bank or a credit union will help you save for your family’s financial future.

This blog is for informational purposes only, and is not meant to provide personal financial advice. Please speak with your accountant or financial advisor for personal financial advice.