Ibrahim Asare, a Tax and Management consultant has advised the general public to prioritize investment yielding accounts than ordinary savings accounts.
According to him, it is very advisable to save parts or percentage of one’s income at the bank in case of emergency or for a particular purpose but it will be more advisable to also get additional profit or interest from the same savings.
In an interview with Kwadwo Sefah-Danquah on the Happy Morning Show, the tax consultant indicated that employees should not just put money at the bank in the name of savings but rather think of doing investments through the savings.
He revealed that since the valve of money depreciates with time due to inflation, employees should rather consider investing their money in bank saving products such as Treasury bills, fixed deposits and any other product that can yield interest while the money is at the bank.
“Putting money in your savings account will yield you the same amount you put there without earning any interest. If it was GHC 2000 you were able to save within the year, it is the same amount of money that will be given back to you when needed unlike treasury bills and others, the money can yield you another interest that can be used for any other purposes without even touching the money itself”.