[STUDY] Is Money Safer at Home Than in Banks? Many Americans Think So

Is money safer at home than in banks? This question has been debated by Americans and other people across the globe for the past years.

Now, a new study revealed that many U.S. residents actually prefer stashing their dollar bills at home instead of putting them in banks.

[STUDY] Is Money Safer at Home Than in Banks? Many Americans Think So

Yahoo Finance reported that around 25% of Americans believe that storing money at their home is safer compared to banks.

This was revealed by a recent study conducted by GOBankingRates; a personal finance publication. It provided numerous reasons why some U.S. residents no longer trust banks with their money.

One of these reasons is the high bank fees, such as the following:

Monthly maintenance fees
Wire transfer fees
Replacement card fees
Inactivity fees
Excess transaction fees
ATM fees

Aside from these expensive bank fees, Americans are also concerned about the privacy of their bank accounts. Many of them lost their trust because of the rising online scams and other malicious campaigns.

Failures of some banks also contribute to the declining trust of U.S. residents. This can be seen in the cases of Signature Bank, First Republic Bank, and Silicon Valley Bank.

These financial companies previously had more than $100 billion in assets in total. However, they all failed in early 2023.

Best Places to Keep Your Money

Although you can avoid the mentioned problems above, stashing your money at home also have its risks.

If you do this, your cash can easily be stolen or lost. Once it happens, there are no protections that can help you reimburse that money.

But, if you still don't trust banks, here are some of the best places you can keep your money:

U.S. Treasuries

The U.S. Treasury market is considered as one of the safest places to store money and earn interest.

Certificates of Deposit

Certificates of Deposit (aka CDs) are also a great way to save your money. Just like some banks, CDs will pay you interest on deposits.

FDIC-Insured Bank Accounts (Checking or Savings)

Banks that are insured by the Federal Deposit Insurance Corporation are also great places to put your cash. Deposits up to $250,000 per customer are insured.

If you want to learn more details about them, you can click this link.