This is why people still use bank savings even if the interest is 0%.

GIACARTA, KOMPAS.com – Various banks set interest rates savings 0 percent or less than 1 percent. Quantity interest depending on the amount of the balance on the customer’s account.

However, even if the interest earned on savings is low or even almost non-existent, it turns out that people continue to put their funds in the bank for various purposes.

As did the FA, a private employee. He said he kept saving in the bank for his children’s education savings and emergency funds.

This is because the funds stored in savings are easier to recover than other archiving tools. Plus, saving at the bank is also safer than saving yourself.

Read also: Savings Interest rates 0 per cent, the trend of savings in banks remains high?

“At the very least, the savings are usually from unforeseen costs such as house repairs, hospital bills, school children and the like,” FA (27) said when asked by Kompas.com, Monday (9 / 12/2022).

Unlike the FA, Ferdy actually keeps the money in the bank because it makes day-to-day payment transactions easier.

“However, because there is no effective place to save money that is usually used for daily needs,” said Ferdy, a 28-year-old entrepreneur.

According to Ferdy, saving in the bank makes it easier for him to manage his finances. For this, he uses several savings accounts to separate the savings funds and the daily funds.

“If all is Cash it will be difficult to calculate, if you leave it to your parents tomorrow it will become food. I have a separate savings account, which is quite effective as an emergency fund, “she said.

Meanwhile, a 34-year-old private employee, Wahyu, said he didn’t care even if the savings interest rate was 0%. Because the purpose of bank savings is only to save emergency funds.

Read also: Saving about 0 percent interest, that’s BCA says

“From the beginning I didn’t pay too much attention to interest. It’s necessary (to save in the bank), so that if I need something, it’s not easy to get into debt,” Wahyu told Kompas.com.

As it turns out, there are still a lot of people who think that bank savings still need to be done even if it doesn’t provide big profits.

As the economist of the Center of Economic and Law Studies (CELIOS) Bhima Yudhistira said, public interest in saving in banks is still high, this is due to habitual factors and reinforced by the Covid-19 pandemic.

“The saving trend in banks is still high,” he told Kompas.com, reported on Monday (9/12/2022).

According to Bhima, many people still save in banks because saving has become a habit due to financial inclusion campaigns equated with opening a bank account.

Hence, the pandemic has caused people to keep their money and save it in bank savings.

Although public interest in bank savings is still high, he said, there has been a shift in the bank savings function that was previously used to save and benefit from bank interest.

Currently, people use bank savings to be able to make transactions, such as shopping online or filling out digital wallets (e-wallets).

“Some people use savings in banks instead of expecting interest, but they expect services like e-wallet, e-money, online shopping or credit card payment,” said Bhima.

Read also: When savings interest rates are only 0 percent, where can millennials’ money go?

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