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What are the benefits of having a personal bank account?
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The most obvious benefit is that you can keep more money in your own control. You won’t have to rely on other people or institutions for financial services and decisions, which means you can make better choices about how you use your money. 2 Another advantage is that you will be able to track your spending more easily. With a personal bank account, you can see exactly where your money is going each month. This makes it easier to stay within budget and plan ahead. 3 Finally, having a personal bank account allows you to build up an emergency fund. Having access to your funds quickly could help prevent you from needing to take out loans or credit cards when unexpected expenses arise.