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    Thread: Is your savings account an asset or liability?

    1. #21
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      Default Re: Is your savings account an asset or liability?

      When saving money in the bank I think it can be both of them it cannot be a liability and an asset we are keeping save for rainy days.

      Normally it should be a completely asset but the way we use our money in banks and also the rate at which our banks do charge us nowadays makes it more to be like a liability.
      But this shouldn't stop us from putting money in the bank, at least this is the safest place we can keep our money safe.

      There are physical asset and there are liquid asset, the physical asset are the property we can see while the money in banks fall under the liquid assets.

      So when thinking about getting interest on our saving the bank is not the perfect place to get interest we can better invest in other business.


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    3. #22
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      Default Re: Is your savings account an asset or liability?

      I don't consider my bank account as an investment at all. Reason being that despite the fact that it is a savings account ------ I get deduction instead of addition on my account balance. A savings account is not an investment at all because even if the bank adds $3 to your account they will end up deducting $5 as bank charges and other "hidded charges".The only account type that can be considered to be an investment is the fixed account. A fixed account is contains a money deposited to last for a certain period of time without being tampered with. This type of money yields constant interest for its owner and the banks makes use of it to do businesses. A current account also yields some interest because it is being used to receive salaries and other payments.
      But putting money in a savings account is not an investment at all because the money get deducted instead of being added.. Instead of putting your money in a savings account as an investment it is better to invest it in an offline business.
      Last edited by preferito; 12-26-2018 at 10:08 AM. Reason: Addiction of points


    4. #23
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      Default Re: Is your savings account an asset or liability?

      Money in the bank account can both be a liability and an asset, whenever someone deposit money into the bank account this automatically means the money is now the bank liability, and also in as much as the money is still in the bank its also the asset of the bank as well because such depositor has surrender the legal title to the cash.
      but as a depositor i think we can call this a liquid asset or intangible asset. which we can be entitle to it at any time, in as much provide the legal document.
      note: there are a tangible assets which include vehicles, machinery, buildings, inventory, computers, printers, and furniture.


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    6. #24
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      Default Re: Is your savings account an asset or liability?

      Well, I think there are two legs to this issue. In my opinion, I would term a savings account an asset and also a liability. I believe it is an asset because we decided to keep our money in the account in order to have some financial discipline and to control and manage our expenses.

      Also, I believe it is a liability because even though the money is kept in the bank, it is still easy for us to rush down to banks to withdraw the money when some unforeseen or unplanned circumstances come up. We withdraw the money and have it in mind that, well, it is my money, I will try and save another fund next time.

      Then with the invention of ATM, debit and masters cards, it makes it easier to easily withdraw their money, which is meant to be saved for a particular purpose. Bank charges every month is another big factor that make savings account a liability.

      The best way to protect our money is by investing them on something valuable. With this, we would not have to run to bank and withdraw our money unnecessarily and then start regretting later.


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    8. #25
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      Default Re: Is your savings account an asset or liability?

      My savings account is an asset to me and same time a liability to the bank.When someone opens a bank account and makes a cash deposit, he surrenders legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank. Savings accounts are generally opened to keep money that is not intended to use for daily or regular expences. It offers account holders interest on deposits. Account holders may incur a monthly fee if they do not maintain a set balance. Bank deposit is a liability owed by the bank to the depositor. Bank deposits consists of money or funds placed into banking institutions for safe keeping. These deposits are made to deposit accounts such as savings accounts, whereby the account holder has the right to withdraw deposited funds, as set forth in the terms and conditions governing the account agreement.


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    10. #26
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      Default Re: Is your savings account an asset or liability?

      A savings account is definitely an asset because it is the money that you have saved for yourself, the savings that we have can be used for various purposes ranging from paying our mortgage fees to handling the school fees of our children and many other things, the account is used for whatever we have desired from the beginning, when someone have a savings account, he is given an ATM card that can be used for withdrawal from the bank account, when it is time to take a record of the assets and liability that you have at the end of a given period, the savings account is classified under your assets. But to the bank where the money is kept, it is a liability to them.


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    12. #27
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      Default Re: Is your savings account an asset or liability?

      The issue of the savings account of anyone is not a thing that we can categorically labelled as either asset or a liability. We have to first know the reason why we have opened the savings account before we can ascertain what class it blonds to between an "asset or a liability". There are regular savings accounts, the user can draw money from them at any time, in this case, it is neither an asset or a liability, it is helping that fellow to keep their money for safety reasons, and the perosn can withdraw their money at any given time.

      But in the case that the user can use the "savings account" as a means to save money for a certain period of time without withdrawing a single penning from it, it could then be considered an asset in that cases, it will be yielding interest for the trader unless they either withdrawal from it or close the accaount totally.

      However, in any case, a savings account can never be a liability to the owner.


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