A savings bank account is a type of investment account and with most investments there is a time delay in getting access to your money. It is an investment account with immediate access to your funds.
There are many places whereby you can learn how to infest for free money. With this account you don’t need to know anything to get started. You can always reinvest what you have deposited there somewhere else but it is almost impossible to get back what never got put in there in the first place. Therefore owning this account doesn’t really come with any risk. This type of account is probably the safest starting point for any long term investment strategy. It is extremely easy to move money out of a savings account into another investment driver when the opportunity presents itself. For example if you find a house you would like to buy as a rental property your savings account would be a good start.
By investing in a savings account you buy yourself time to learn all you can about investing until you are comfortable that you know what type of investing interest you. This way you can ease into the investment knowing you have some capital.
Finally once you see your savings grow, you get inspired to see if you can do better. You can’t put a value on this reinforcement but its actually invaluable. The quick feedback you get on your growing savings account can be a motivator to keep you going.
