I would like to address a very popular notion that Savings accounts are a great way to save and preserve your money. My Nigerian and Indian friends may be even more familiar with this notion, supposedly, the thing to do is to go to school, get a starter job, and rise through the ranks. The golden rule of course is while you are doing all this, save, save, save.
While a savings account seems safe, is it really? Sure you will not see your account balance ever drop in your account if you don’t make a withdrawal, but are you any better if the value of your money is being eroded everyday it sits there.
I dont think so!