Where to save your money
Keeping your money safe is very important. You have to be confident that it will not get lost or stolen. You may have a safe place in your house, such as a money box, where you store money until it is needed.
For many years, all humans did this and kept their money hidden away in a safe place in their homes. Often, they buried their money under their houses to protect it. One thousand years ago, even the wealthiest people kept their money in strong boxes. Some cultures, such as the Bedouin, carried their valuables around and often wore their gold.
Gradually, banks became more popular as places to store money safely. Modern have highly sophisticated security features that protect their customers’ money and valuables. There are also many safety features associated with online banking to prevent fraud or scamming.
As well as keeping money safe, banks usually offer other benefits to their customers. Banks are businesses and compete with each other.