Should we still opt to save our money in piggy banks in this day and age?

I always believe in this saying "It is always good to have a rainy day fund as an umbrella". You will never know when a downpour or a thunderstorm will hit you at the worst times.

Friends and relatives can only help that much when it comes to money matters.

Current poor interest rates (< 1% for bank rates) is the new norm, but that is only significant if your savings is at least $30,000 to $50,000 as the base amount, or even $100,000.

Saving money in a piggy bank is good but do limit to just $3,000 at most, if not the sum of money is not going to be earning extra interest (like for SingSave, you can get back $200 for every $10,000 savings at current 2% pa interest sum payable, subjected to terms and conditions over time though).

Make the "biscuit tin" or piggy bank work for you, not the other way around.

Hi! I would think yes and you can think of your bank accounts as your new piggy banks now but with more fats that come with it!

The reason behind my thinking is definitely the interest rate. It is important to let your money work for you and interest rate would be impt in this case. Letting your money sit at home would definitely be letting it rest so why not let it work and generate more money for you!

Further, it might be easier for you to manage your finance if you have an idea how much is in your bank account. By piggy bank at home I'm assuming that your savings are monies in the form of dollar and cents, of which I don't think you will take it all out to count or update your balance as you put more inside. If this is really the case, it might be hard for you to keep track of the sum that you have saved considering the practical inconveniences albeit it's minor.

Further, if you put them in bank and get it linked to a debit card, you will be able to use them outside if you need to. But if you don't want or are afraid that you will spend it, just create a bank account and dont touch it. Further security would be having the funds locked - OCBC Frank seems to have this function of locking up the sum to prevent you from spending, I have used it and think it's great!

Just sharing my two cents worth of thoughts