First Step: Invest in Bank

As a fresh graduate, our first bank account would be the free account opened for first job? Then you only visit one bank, login information and one password. But once you are stepped into the real world, one bank account will not be enough as your financial plans have change, so you will need more and more banks account to deal with your financial life.

To be frank, keeping all your money in the same account, when you are checking account balance and there are four or five figures that make you feel richness and the temptation to spend.

Find a better rate, do some research first on a few banks, then transit your savings to become Fixed Deposit (FD) so that the money can earn a little bit from the interest as passive income. Even if you did not put your savings into FD, then all the interest is lost even though it may only earn a few hundreds.

And don’t simply open accounts for any bank, figure out how much you will have to pay in terms of fees and other charges. Somehow, the bank might charge you more than you earn from savings. Remember to think twice before you make a move as switching bank or closing account might be very troublesome.

So, spreading all your money into different banks are kind of security. As in most of Malaysia’s bank is secure and protected under the Perbadanan Insurans Deposit Malaysia (PIDM) membership scheme.  So, just make sure the bank you are keeping your savings is a member of PIDM. Do more research first in order to know whether your bank/s is under the protection of PIDM,.

If you want to know how to become wealthy, come to the Wealth Summit organized by Wealth Mastery Academy, an organization that is committed to providing wealth creation strategies to help the masses achieve financial freedom.

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Reference:

http://lifehacker.com/one-bank-or-many-where-should-i-keep-my-accounts-1206824353