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Warning: Here’s why keeping your savings in the bank is hurting your financial future – Motley Fool Australia
Taxes and inflation… Here’s why I think you should ditch your bank savings account and invest in ASX 200 shares instead in 2020.
Bank accounts are something we all have and need these days. Traditionally, there are two primary types of bank accounts: chequing and savings.
Chequing accounts normally don’t come with a substantial interest rate and are primarily used for transactions and the like — which is why they typically come with an EFTPOS card.
However, savings accounts are usually classed as ‘wealth-building tools’ or even ‘investments’. You place your surplus cash in a savings account, where you were traditionally rewarded…
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