- 16 Nov 2020
- Reading time
- 5 minutes
When we talk about saving money, the first thing that comes into most people's minds is banks. Almost all of us save some extra bucks in our bank account to use them whenever we want. Not only that, millions of people use bank accounts and saving funds to withdraw the whole of their salary or save it for their daily lives needs. But the question is, it safe to save your money in the banks after this deadly pandemic? Are there any types of risks that you might lose your hard-earned cash because of banks' economic conditions? That is why you will have to check out online reviews BritainReviews to see which bank can be a good fit for you. Other than that, some things have affected the bank during the COVID-19 era, and we will see if it is good to save your money in banks.
How have the Corona Virus affected banks all over the world?
It is pretty evident that COVID-19 has affected banks all over the world. If we specifically talk about the banks of the United States, the condition is worse than ever. Hundreds of businesses and individuals have lost their credibility, jobs, and primary income source during the pandemic that has derived them from borrowing or loaning money from the banks. The condition is pretty much the same for the banks worldwide, whether it is the United Kingdom, Australia, or any other developed country or nation.
Not only that, but the capital markets have also been unstable for a long time now, and the market volatility is high as well. The stock market for most of the premium businesses has also crashed, and thousands have lost vast sums of money worldwide.
The banks' functionality has also been affected as many banks directed their employees to work from their homes. The lockdown period's productivity was obviously low than the standard rate that has also caused difficulties for the bank. The overall combination of these things has drastically affected the banks and has urged the people to think if they are right to save their money in the banks. Many have also started to wonder if there will be any effect on property prices due to Corona Virus. But it is pretty unclear as of now because of the unstable stocks, value, and markets.
Is it a reliable option to save your money in banks during the COVID era?
Here comes the actual part where we discuss if it is all good to save your money in the banks during the Coronavirus and if this is a way to improve your finance decisions. So, the thing is, there is no harm in saving your money in the banks during this period, but you will have to check out for some essential things. Check if:
- There are any changes in the policies of your banks after the COVID period.
- The bank has increased its charges and rates for using their bank account.
- The bank has deducted any sort of hidden charges that you don't know of.
- There are limits placed on your account.
- Your bank offers insurance for your funds (from a known and trusted source), no matter the hurdles and pandemics.
- The bank is offering a true and full bank statement to check out all of the transactions.
- Your investment account is making any profits or has gone into a loss.
If you have thoroughly checked all of the things and have no concerns about these things, you can carry on with your bank account without any problem. Don't forget to check out these things as well when opening a new bank account, whether you are going for a savings account after taking advice from Profile Pensions or a standard account. But if some things are bothering you and you have been wondering where some of your money went, you might want to switch to some other options to save your money smartly.
Some smart ways and methods to save your money
Here are some of the best and smartest methods to save your money instead of going for the banks. So choose the only one method according to the preferences that suit you the best!
It is undoubtedly a great idea to use E-Wallets to save your precious money. But E-Wallets typically charge a specific percentage out of your amount for every transaction. So if you don't have any concerns about their service fee, you can opt for many of the premium E-Wallets available on the internet. You can use those E-Wallets to purchase goods online, transfer them into your bank account (you might not), or let them pile up to withdraw them later for use. But many E-Wallets place limitations on the users; account that restricts them to withdraw or deposit a specific amount of money in a day or a month, so it is better to first check online reviews on BritainReviews to choose the best one for you.
2- Online Banking
As we all have been evolving over time, the banks have also started introducing convenience to their users. Now you can easily open an online bank account that allows you to do anything that you can do with the physical one. You won't certainly have to face the hassles of withdrawing funds by visiting your bank branch or withdrawing through the checks. Not only that, but it surely is a safer way to store your money because you can check out your balance, transaction history, and many other things to ensure that your funds are safe and sound. But you will have to search out for reliable banks on BritainReviews to find the online banks like Shawbrook Bank to get all the premium features and options without limitations.
3- Crypto Wallets
Most people don't like to use Crypto wallets because of the risks involved in it. As we all know, the market value of cryptocurrencies can change drastically within minutes. If you are lucky enough, you will get some extra bucks. Otherwise, you will have to lose some of your money. So only go for this option if you are willing to take risks with your money.
Why should you use BritainReviews to find out reliable wealth management companies?
It is crucial to check out BritainReviews to find out the best wealth management companies. It does not matter if you are looking for actual banks, E-Wallets, Crypto Wallets, or Online Banks; you will get a wide variety to choose from based on their user reviews and ratings. The online reviews, ratings and the users' comments on BritainReviews make it very easy for the users to select the best for them and check which one can be great.