A Benefit Of Having A Bank Account Essay
Bank accounts 1. A benefit of having a savings bank account is that you collect interest from the money you put into the bank. The more money you put into the bank the more interest you earn per annum. For example, if you put $20, 000 into a bank account at 5% p.a (per annum), after a year you would inherit $1000 in interest, giving you a total of $21, 000. You get this interest from basically just having your money in the bank for a period of time.
2. Another benefit of having money in a bank account is that your money is more secure than having cash in your home. It is a low risk investment and can always be managed by going to the bank where the money is safe. 1. A risk of having a bank account is if the economy goes into a depression or
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Another risk of putting money in a bank account is that you can miss out on investing that money somewhere else as it is locked away for the time chosen to earn interest. The longer you leave the money in a saving bank account, the more interest you will earn. If a good investment comes available, you don’t have the money you have saved to spend on that investment. For Example, if you want to buy a car, you money in the bank is locked in place for the time period selected, meaning you can’t use that money saved.
Managed funds 1. A benefit of a managed fund is that it is of low risk. It is of low risk because you can choose how much you want to invest in that particular service/good. 30, 000 people can invest their money and all earn a profit just by simply investing a small amount of money.
2. Another benefit of a managed fund is that you have a wider range of investments you can buy as all the money is pulled together with other people. This means you can partially own a company that may have been out of your price range, if it was paid individually. 1. A risk or disadvantage of a managed fund is you only make a small profit of what you put in. You basically get back what you put in. This could be seen as a waste of investment because if you want to invest that money somewhere else, that money is tied up in the managed
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