3. Open a Savings Account
Attempting to preserve money by hiding it at home is one of the easiest ways to lose it or spend it on a whim. Savings accounts provide clients with an accessible choice for storing cash while keeping it available in case of an emergency. Customers who withdraw more may be subject to an excessive withdrawal fee imposed by the bank.
Aside from that, it keeps your money safe from anything from natural disasters to robberies. That’s why it is advisable to put your extra income in a physical bank account, where it is secure and protected.