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Reasons You Should have a Bank Account

Updated on June 27, 2012

Many people debate whether or not they should have a bank account. If you are one of these people and are deciding if you should keep your money secured at home or in a bank account you sould write out a list of pros and cons of reasons to have a bank account that pertain to you. This list will include some reasons to have a bank account that you may consider.

Reasons to have a Bank Account

  • Safety

If you keep your money in a bank account there is no way you can simply lose your money. Personal bank accounts are insured by the Federal Government up to $250000. Also in a bank account your money is safe from thieves that may find your money in your house and from fires or natural disasters.

  • Keeping a Budget

Having a personal bank account is a great way to keep track of your money and budget it. When you have a bank account it is easy to see exactly how much money you have accesss to and where you spend money. Many online banking systems have tools that can help you analyze where you spend money and help you set up a savings plan.

  • Convenience in Paying Bills

Having a checking account can make paying your bills much easier. You can pay online or by phone via your checking card or mail out a check which is much more convienent than using a money order or cash. Also, most checking accounts have online bill pay which enables you to automatically set up recurring monthly charges to be paid automatically.

These are just a few reasons why you should have a bank account. Although there are benefits to having a bank account there are also downfalls. It is up to you to decide if the benefits of having a bank account outweigh the downfalls for you.


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    • profile image

      Chris Hugh 5 years ago

      Or a credit union. They're usually cheaper or free.

    • tipstoretireearly profile image

      tipstoretireearly 5 years ago from New York

      Another good reason to have a bank account is so that you can easily get a bank or cashier's check when needed. The need may not occur often, but it will tend to occur at very important times (e.g., buying a house; renting an apartment; buying a car).