How much cash would you find randomly dotted around your house? We’re talking in the kitchen draws, bedroom units, down the back of the sofa or under your mattress? Probably not enough to put a dent in the mortgage…but there will random coins and notes around your home.
In a recent article, Trent Hamm talked about hiding money under a metaphorical mattress and it seemed this raised, not only a few eyebrows, but also the fact people do hide their cash under the mattress!! And with the recent announcement that the UK banks may look to introduce negative interest on savings accounts…that mattress is looking more feasible as a savings option!
Baroness Altman spoke to the Telegraph recently, saying:
“You don’t want to take your life savings out of the bank, you want them somewhere safe – but if the bank is going to charge you for keeping your money and every day you have it there it is worth less and less, you can see why people would say, I’m not going to do that.”
And there’s a clear logic to that, but before you rush to secret your savings in weird and strange places, don’t forget that whilst there will be some banks considering zero or negative interest rates on saving accounts and pushing us not be savers, there will be smaller and lesser known banks and building societies, waiting in the wings, who will want your savings.
So it’s worth shopping around for the right savings account and Martin Lewis’s website Moneysavingexpert is a good place to start. The site offers unbiased advice and it’s also worth looking at the forums as well, you can get some great helpful hints, especially from people who are experiencing the same issues as yourself. Also keep an eye on your current bank and their rates (preparation is key) and don’t forget, switching banks is much easier with the new Switch Guarantee process.
So whilst the news on the savings front is going to prove challenging for the savers out there, by keeping your eye on the ball will not only ensure your money continues to work for you, but guarantees your mattress doesn’t become a handy savings option!
