Savings in a bank or mattress?

[lovestolaugh]

With the interest rate being practically zero on savings accounts and a threat of the current economy's demise, do you keep your EF in a bank or at home? I have decided to have cash on hand in case the worst happens. How about you?

[lisaflex]

we have a few safes at home. there is some $$ in two of them.

[Russ]

Ally Bank and ING Direct have an online savings currently at 1%.

[monkeywrangler71]

The interest rate on my savings account is 1.25%, I consider that much better than the 0% my mattress is offering. Plus, if my bank burns down or gets robbed, my money is still safe.

[Greebo]

So the worst happening would be the bank closing giving you no access to your money for a temporary time while the FDIC takes over and works on your refund.

Or the worst happening is, someone finds out you keep large amounts of cash at home and they steal it ... and you're not insured.

Hmm. Tough call there...

[lovestolaugh]

Greebo-- not large amounts of money but the $1000 EF. I have my 401k and retirement in banks, etc. But I do feel better having immediate cash on hand in case of emergency. 1% is nothing. There is also a 2 day delay in getting money from ING. Could cause problems.

[monkeywrangler71]

Or the worst happening is, someone finds out you keep large amounts of cash at home and they steal it ... and you're not insured murder you during a home invasion.

Correction to "worst" thing that can happen.

[nuisance26]

~I figure a couple of hundred at home and credit cards and our check book are enough options without resorting to mattress stuffing.~

[OOwl]

Bank. I used to work for the police department, and too many homes were burglarized and the owners lost any cash they had stashed (accomplished burglars know all about the typical and not so typical hiding spots people use, including safes, which are easily taken or cracked). Saw too many anguished tears of people that returned home to not only all their most valuable possessions gone but their CASH, as well. Same with fires. I'll take my chances with the bank.

[Ceashels]

I have cash handy. I like having cash handy. I just need to try and get a greater variety of bills.

[Greebo]

Correction to "worst" thing that can happen.

In that situation, you're in no position to worry about lost cash.

[Greebo]

Greebo-- not large amounts of money but the $1000 EF. I have my 401k and retirement in banks, etc. But I do feel better having immediate cash on hand in case of emergency. 1% is nothing. There is also a 2 day delay in getting money from ING. Could cause problems.

OH - well thats fine then.

Just don't want all your eggs in one basket, ya know?

[dcompton]

I keep very little at home, never more than around $50, and often not that. This is not counting my stash of laundry quarters, but they get used.

If I lived in a place with large natural disasters, like hurricanes, I would want somewhat more on hand during the season if I had to evacuate, but we just get tornadoes. They could take out my apartment, but leave the bank across the street in perfect working order, and certainly the one over by the grocery store would be just fine. I use almost no cash day to day. I just really don't like having it around.

[Ashley01]

I only keep whatever cash is in my envelopes and my change jar! If I have it I spend it.

[mauimagic]

Lots of home breakins and burglaries here - and car thefts like crazy (where are you goingn to go on an island right?)

For emergencies - I'd rather have a full tank of gas and some cash available.