Best place to keep your money?

Question

Sometimes I feel that my savings are not really as safe as they're meant to be in the bank. Do you think it's a good idea to keep them in a secure safe at home where at least I know that my money really is my money?

Answer 1

If you keep your money in cash at home, it's worth less every day. If it's in notes, they are only as safe as the promise of the person issuing them. Try going to the Bank of England with a five pound note and asking for the five pounds they promise to pay. (They'll give you a clean one).

Keeping your money in an authorised UK bank is safer than keeping it in cash. If the bank is robbed, you still get your money. Banking regulations mean that it's virtually impossible for a UK bank to go bust, and if it did you could claim back your losses from the Financial Compensation Scheme.

Don't join the idiots who queued up all day to withdraw their savings from Northern Rock (where they have always been perfectly safe) only to get mugged on the way home.

Answer 2

unfortunately in todays society we cant live without banks.

employers wont pay salary in cash, its either cheque or bacs transfer.

shops prefer taking card transactions because it quicker and more secure than having a till full of notes.

you cant buy online with cash, can only use card or pay by cheque.

so really we have no choice.

if your gonna take all the money out the bank, keep it under the floor boards somewhere in an air tight container so mice and rats dont damage it.

Answer 3

Not really, it's in the system.. so if anything was stolen, it would be replaced. I feel pretty secure with my money in my bank. They call and check up too haha.

What about buying A SAFE? Hiding it in the wall of your closet? haha.

Answer 4

You are guaranteed up to 30,000 of your savings back if anything goes pear shaped with the banks but only 90% of the rest....this is why you should split your money up and put it in several different banks!!

Answer 5

That's though, at the bank your trusting someone else to manage it, but there's less chance of it being lost! (it's not even real money, all virtual)
Sometimes I think a fireresistant safe would auctually better, but the bank's more convient!

Answer 6

I easily have sewn slightly pocket into the foot of my snoozing bag and saved extra beneficial money in there. in no way had a concern with getting it stolen. I easily have commonly used human beings to dig a small hollow under their tent and stash the money there" there will be funds machines on internet site (in many cases huge queues) so for you to objective merely having what you choose for an afternoon on you and then doing away with money for daily?

Answer 7

i often thought that...hmm...having a safe at home would be a good idea...if it was fire proof, water proof and everything else that is capable of damaging it proof LOL but i often take out a large amount of money each transaction i make so just in case the bank stuffs up...i'll have that money there...if you know what i mean...i know what i mean hehe ^_^

Answer 8

I keep a lot of cash at home. Find a safe place and DON'T tell ANYONE where it is at. Don't use sock draws etc etc, it is the first place thieves will look. If I let you search my home for a day and a night I bet you would not find it.

Answer 9

No your home wouldn't be that safe....
If it's big money than keep it in the bank.

Answer 10

Some in the bank, as you will be making interest on it all the time, and keep some under your matress for a rainy day or in emergencies.