Is It Safe to Store Money In the Bank or In The House?

Have you ever wondered why a bank is a safe place to store money? How about whether you should store your cash in the bank or at home? found out the answers to these questions!

Many financial advisors have promoted the idea of saving in banks. At the same time, you may feel your money is not safe there. Should you save at home?

Your bed isn’t great for storing your savings. Keeping huge amounts of money is a bad idea because;

  • Your savings will not earn interest. Thus over time, your money loses value
  • Risk of fire or theft wiping out your savings
  • Encourages unnecessary spending

Most insurance policies will not cover for money stored in the house. A bank is usually the safest place to store your savings. The main reason is that your bank savings are always protected.

How to Find a Safe Home for Your Cash

You will need to set up a bank account. This can cater for your everyday needs. You can also set up a separate savings account. This can be stored to earn more interest if you don’t urgently need it.

Most banks and building societies are free to open an account. You can find all the help you need there. Saving at home puts you at great risk of losing money.

There are plenty of savings accounts to store your spare cash. You will get better interest rate if you store your money for a long time.

Benefits of Saving Money

We all need an extra coin for a rainy day. You should not wait for such occasions to save money. Expert suggest that a financial reserve of three to six months. 44% of Americans don’t have savings to cover surprise expenses.

Certain events such as bad power outage can render institutions temporarily unavailable. In such cases you cannot withdraw your money or use your credit card. So it is always practical to practical to have some physical cash.

Safe Places to Store Your Cash

You might hesitate to save at home. It might be sometimes be hard to find a suitable location at home to hide cash. The old tricks might not work now. Under the mattresses is one of the first places burglars look.

There are however some reliable places to save your cash;

  • Through real assets such as watches or jewelry
  • Invest in a business
  • In a treasury or federal reserve

Financer has prepared invaluable articles on saving money. Ensure you talk to experts on the safest places to store cash for future use.
Read More Personal Finance Tips Here!

Financer privacy settings

With using you acknowledge our terms and conditions as well as our data privacy policy. We use Cookies to analyze and track the usage of our website in order to improve our services. Certain Cookies require your active consent in order for us to collect this data. You can inform yourself about the third-party-services we use as well as withdraw your consent anytime in our Cookie-Settings.

Facebook Marketing

SEO Solutions Ltd. (we) as the provider of the website is using the Facebook-Pixel to promote our content and services to our visitors on Facebook as well as track the results from these marketing activities. This data is anonymised for us and serves for statistical purposes only. Facebook can connect the data collected from the Facebook Pixel with your Facebook profile (Name, E-mail, etc.) and use this for its own advertising purposes. you can view and control the data Facebook is collecting about your Facebook privacy settings.