In our society, we need money in various aspects of lives, to fulfill most of our aspirations. Individuals try and save money to serve as a cushion in a number of cases, such as to acquire new assets, to purchase goods, for emergencies, etc. Universally, banks are the preferred medium for holding our savings. This is because:
1) Security: Your money is better safe-guarded by a bank than yourself.
2) Interest: You also earn a stable return for holding your money in the bank.
3) Liquidity: You can withdraw your money at any instance that you desire.