Security – the main criterion when choosing a place to place funds.
The author of the books "Mani, or the Alphabet of Money"; and "The first million in 7 years" Bodo Schaefer, a well-known expert on personal finance management from Germany, says that it is best to divide funds into several parts:
- a small part should be kept in a safe at home in case of unforeseen circumstances (in the amount of expenses for 1 month);
- the remaining funds should be kept in the bank or invested. Why? In the bank, the funds can work and bring additional income, so the funds are more protected from inflation than when you keep them at home. By the way, inflation is characteristic of the currencies of all countries, even the US dollar and the euro lose part of their purchasing power over time.
At MTB BANK, funds are protected by the Deposit Guarantee Fund. This protection applies to both deposits and current accounts. In case the bank is declared insolvent, the Fund guarantees the right to receive compensation within the limits of the maximum compensation amount (UAH 200,000).
More about the deposit guarantee system here https://www.fg.gov.ua/
More about cashless payments here https://cutt.ly/ZTTzJ5J
Fund participant certificate No. 74 dated 03/29/2018.
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