What Are the Safe Places for Keeping Cash?

If you have cash at home and are looking for a safe place to put it, consider one of these options. Some people prefer hiding cash in their homes, in a safe spot where no one will find it. Others prefer putting their cash in the bank where they don't have to worry about it. Before putting your cash somewhere, make sure that it will be safe, so you can be free from worrying that something will happen to it.

Put it in a fireproof safe. Cash is made from paper and will burn if exposed to fire, therefore if you are going to put it in a safe, be sure the safe is fireproof. Many companies sell safes strictly for storing cash; which are called cash safes. Theses safes protect the cash from fire, if a fire occurs in your home. It also protects the cash from burglars.

Store it in a safe deposit box. If you prefer not to store the cash in your home, rent a safe deposit box at a bank. No one will be able to break into the box, and the boxes are semi-fireproof. The only downside with a safe deposit box is that with most banks the boxes are not insured.

Deposit the cash in a bank. Choose an account that is FDIC insured. This insurance protects your money up to $100,000. This is a very safe option for depositing money because even if the bank goes bankrupt, the government will reimburse you for your deposit. There are numerous options with accounts that offer FDIC insurance, including savings accounts, checking accounts, money market accounts and certificates of deposit. Most of these types of accounts pay the depositor interest on money placed into these accounts. U.S. Treasury bonds are also a safe investment for storing cash. The government, as of 2011, has never defaulted on bonds. They are a good investment that earns a small yield too.

If you don't like any of those options, find a place in your home that is safe and place it there. These places will not offer fire protection, but will be hard for burglars to find. Wrap the cash in aluminum foil and place it in the freezer or hollow out a book and place it on a bookshelf with other books. Another unlikely place people would look for money is in your pantry. After using a can of soup, clean the can out. Place the money in the can and then stick it in your pantry upside down. Stack other cans on top of the can to make it harder to get to.