Taking all of your savings out of the bank and into the Bank of Pickle Jar

yt83

A good idea?

A bad idea?

Would you do it?

Thoughts?

sjprmc01

Savings? What's them?

I wouldn't keep any in the house if I had any, no siree!

empressemma

According to Martin, at the ideal home show, most house insurers only insure £1,000 in cash left in the house.

sonastin

Bloomin' stoopid idea in my opinion. Interest rates might not be keeping pace with inflation at the moment but the pickle jar sure as heck won't. Our banking system is a long way from the mess Cyprus is in so we're not nearly as vulnerable as the cypriots. And the pickle jar is just a liable to be raided by outsiders - you'll just feel like you're more in control as you're the one responsible for protecting it.

Pink.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL].

hp4020

Not the pickle jar, but seriously thinking of going into self held gold and silver.

bowlhead99

hp4020 wrote: »

Not the pickle jar, but seriously thinking of going into self held gold and silver.

Because gold and silver are currently at historic low prices, generate income while sitting under your bed, always perform particularly well in a low inflation environment, are great to hold when the only way for interest rates to move is upwards, and come with free insurance, right?

Or perhaps every one of those facts is dead wrong. Still, it takes a range of views to make a market. Good luck in your endeavour.

xmodz

Wouldn't keep cash at home, too risky.

wouldn't keep bullion either

brasso

bowlhead99 wrote: »

Because gold and silver are currently at historic low prices, generate income while sitting under your bed, always perform particularly well in a low inflation environment, are great to hold when the only way for interest rates to move is upwards, and come with free insurance, right?

Or perhaps every one of those facts is dead wrong. Still, it takes a range of views to make a market. Good luck in your endeavour.

Gold does not generate income but it does generate a bit of peace of mind in a time of economic anxiety. It would be madness to keep all your cash at home, but if you are paranoid enough to consider that, then physical gold would be a better alternative. Anything that would endanger your savings in a bank would presumably also endanger the worth of your cash under the bed -- but not gold.

But if the OP is that paranoid (and has enough saved), it would probably be better to buy property i.e. something real and tangible, but not as stealable as gold.

theGrinch

bad idea as keeping cash (Im referring to what the average saver has in the house) has its own risks.