Martin Lewis explained to Britons that you should never keep money under your bed for one main reason. Speaking on The Martin Lewis Show Live, he explained that you will not be covered if the money gets stolen and that the best thing to do, regardless of how much money you have, is to keep it in a bank account where it is safe.
Most savings accounts are safe and cover up to £85,000 per person.
In other words, if a bank collapses, savers will get any money in their account up to £85,000 paid back in compensation.
According to Martin Lewis, the top paying savings account with restricted withdrawals is the Coventry BS who offer 1.1 percent interest.
For those looking for an account that they can easily dip in and out of, then there are several available that they can choose from.
Hundreds of people replied where they explained their thoughts on keeping money under a mattress and the common answer was to keep it somewhere safer.
Some people suggested keeping a small amount of cash at home somewhere safe incase of emergencies but larger amounts should definitely be kept in a bank account, even if they are getting nothing in return for it.
One person replied: “Why not…I keep a small amount at home to last a week or two just incase…It isn’t under the mattress though.”
Another said: “I rarely have a great deal of cash on me, apart from my monthly ‘food purse’. The rest is kept safely in various accounts that all earn me minute amounts of interest…I would hate to have all my savings go up in smoke in case of a fire or burglars.”
One other commented: “I keep some cash in the house, not much as I do prefer using cards for things, but maybe a small amount in a fireproof safe is ok. Would never ever put under mattress, no matter how much I had.”