Part E Reading

Necessity of Opening a Bank Account

Before the 1980s, many families were unable to make both ends meet with a very limited and low income.As a result, they had no money to deposit at the bank.Even if they had some surplus of money, they just kept their money at home for the sake of convenience.What’s more, many even did not know what a bank passbook was like.

Nowadays, almost every family in China has a passbook or bank card for the deposit of their surplus after payment of daily expenses.Of course, there are some other considerations for people to put money at the bank.On one hand, it is safe to keep their money at the bank.On the other hand, they can earn interest if they place their money at the bank.For more or less the same reason, many high-income families keep a number of accounts with different banks and their members may hold a few credit cards.A host of them may have RMB and foreign currency accounts, and even several accounts in foreign currencies.Nobody is so unwise as to keep a few currencies idle in hand.After individuals were permitted by the state to retain personal foreign exchanges, they can operate via banks such savings for more earnings than interest income.Under such circumstances, commercial banks, one after another, try to introduce diversified products of wealth management for customers.If you don’t open any savings account with the bank, how could you make your money bring in more money?