Is it safer and smarter to keep money in the bank or better now to keep it at

United States
January 20, 2009 12:43pm CST
home? An older wise friend of mine said the other day, that intrest is so little these days that considering this recession, it was safer and smarter to just keep the money at home, what do you think about this and why?
2 people like this
11 responses
@rusty2rusty (6767)
• Defiance, Ohio
20 Jan 09
Right now I am not sure. My husband and I money never stays in a bank long enough to collect interest any how.
2 people like this
• United States
20 Jan 09
I know Rusty because mine dosent either, not like it used too....I guess the more you have in them, the more you have to worry about. Some people are worried that the banks will close.
@jessi0887 (2794)
• United States
20 Jan 09
I am a little paranoid like that. I am afraid my money will be taken by the bank. Thats one reason though they have something called FDAC i think. If you read up on it maybe you can find out some things that are reasurring. I keep my money in a bank. Mainly though because crime rates are up and happening everyday. You wouldn't want to be caught with that kind of money on you or at home. People that are wanting to steal money will find that money in desperate measures. At least its safe at a bank.
2 people like this
• United States
20 Jan 09
You have made good points. This also has to be considered. Appreciate the response.
@jillhill (37384)
• United States
21 Jan 09
I do both.....I have most of it in the bank....but enough at home to see me through any emergency. I still believe in banks. I know the interest rate is low but if we all pull our money out it will make the whole situation much worse.
1 person likes this
• United States
21 Jan 09
I do think we need a certain amount for emergencies at home or on us. I do agree with you on this. I think you have the best answer and you just earned a best response......
@jillhill (37384)
• United States
21 Jan 09
THank you!
1 person likes this
• United States
18 Feb 09
For me, it's better for my money to be in the bank. If I have it here at home I am more inclined to spend it. With it being in the bank, I don't spend as much. I would rather keep my money in the bank.
1 person likes this
• United States
18 Feb 09
You are so right, it is much more of a temptation. Its even worse when your out and it is in your pocketbook lol Theres always something that says buy me! That would be a drawback, overspending!
@ketybhagat (4125)
• India
21 Jan 09
Putting your money in Nationalised Banks is much safer than any other bank, for the Government is responsible for these banks. In any case, the money will be paid back to you. With other banks who might give you a higher percentage, it could be risky. Keeping money at home is also a big risk factor. Better off in the bank than at home.
1 person likes this
• United States
21 Jan 09
It looks like everyone is agredd on this topic. Appreciate your response. Happy Mylotting!
@j47lee (742)
• Canada
20 Jan 09
hmm never keep too much money at your house... you never know whats gonna happen.. wat if your house is on fire.. and you lose the whole amount of money.. the banks have also been insured... so if they go bankrupt or..anything.. you get your money back... and its way way safer.. and plus if you put money in the bank.. no matter how little is the interest say ard 4 %.. you get somethign at least at the end of the year..
1 person likes this
• United States
20 Jan 09
Appreciate the advice and you have made some very good points. These things are very important for anyone who is trying to make decisions on this. Happy Mylotting!
@AmbiePam (48118)
• United States
20 Jan 09
No way, in the bank. Houses burn down, and money, even in safes can be stolen. At least if a bank is robbed, they have insurance to back them up. I'd be a wreck if I kept my money at home. I remember watching an episode of a true crime show where an older man was killed because people knew he kept thousands of dollars in his home.
1 person likes this
• United States
20 Jan 09
Oh that is very sad. I think you should never let people know if you do keep any money at home. Thats terrible but good advice for everyone. We all have to becareful.
• United States
20 Jan 09
Definitely not. Your home is the least safe place. What if there was a fire, hurricane, tornado, etc...home gone and money with it. Burglars or a person could be incapacitated and not be able to retrieve the money. There are many ways to earn interest with the bank plus every penny is FDIC insured.
1 person likes this
• United States
20 Jan 09
This is true, for anyone who considers this, there is just no way to insure the money. Appreciate your response.
@wolfie34 (26820)
• United Kingdom
20 Jan 09
I wouldn't recommend this my friend, what if you have a fire and your money gets burnt? I know that's fairly unlikely but most insurance companies won't cover money burnt in fires, how can you prove it? What if you get it stolen? Doesn't bear thinking about, even though the interest rates are rock bottom I would still trust the banks with my money than keeping huge amounts in my home, I wouldn't even contemplate it my friend but that's my personal opinion, it may not get much interest but at least it's far more safer than in a box at home
• United States
20 Jan 09
Wolfie, you have made a good point for anyone considering this, How would you prove what you have and what if there were a fire and then no insurance coverage??? You have made some important points. People in hurricane areas and other problems could happen also, tornados...If you cant insure your money then you may end up loosing big time...so everyone must look at all the risks and there are many!
• Ireland
20 Jan 09
I wouldn't keep large amounts of money in my house regardless of how little interest the banks are giving these days. I listen to the news every day and if I thought my bank was going to go bust, then I would be the first on the queue to withdraw my money. However, until such a thing happens, and I hope it won't, I feel my money is more secure in the bank.
1 person likes this
• United States
20 Jan 09
This is true too. I mean, you have to worry when you keep it at home anyway. So either way, theres a lil risk. We cant stay home and babysit our money all the time either lol so your right...
@rocketj1 (6960)
• United States
20 Jan 09
Money in a bank is very, very secure and insured. While I usually keep a little around here I would think a bank would be the wiser choice. Investing, IRAs, or 401ks? Now that is a completely different story! That would be debatable in these economic times, wouldn't it?
1 person likes this
• United States
20 Jan 09
I was always worried about keeping it at home because what if. what if the dog eats it, or what if, it was stolen , so many what ifs, and what if you put it in a safe box and then they steal it ??? so I dont know if I would worry any less....lol