Do I NEED to keep my money in the bank?

Question

i dont have a savings because they charge me for that.... i work part time.. im 19. i dont have that much money but im planning a trip to europe around january/february. ~ do i need to keep my money in the bank???

the economy has got me worried slightly. i know having money in the bank is good for the economy but i dont care about that. i just care about myyy money. i dont want to take chances....

the only reason i would think its easier to keep money in the bank is so i dont SEE it so i dont Spend it!

so is this a good move? keeping my money in my room in a safe spot?

advice?

Answer 1

Go to another bank.  Get a FREE interest earning account.  Money is safer in the bank.  Even if the bank went out of business you would still get your money.

It is a really bad idea to keep your money in your room.  It is far more likely to get stolen there than in the bank.

Jerry

http://www.AnythingInternet.com

Answer 2

bank your money there are many free banking choices out there.   Or put your money in a cd for 3 or 6 months you can't touch it and it gains interest. Or there is that bank that pay's about 5% interest, the one with the orange ball what the heck is it called. That one seems good it take a couple days to withdraw that is why they pay good interest rates. You should spend some time and learn a little bit about saving in banks and investing and such, this is good stuff for you to learn as you grow. You will be amazed at how your money can make you money.

                           have fun in europe.....

Answer 3

A bank would be a good idea because you can keep your money safe and also rack up on some interest. Most banks are insured by the government up to 100,000 dollars. If you have more then that, open up more than one account in different banks.

If you put it all at home what would happen if a fire occurred? Or maybe some breaking into your house?

Its really all up to you since it is your money, but putting it in a bank would be a safe bet.

Answer 4

If teh bank is going to charge you to have a savings account, given the interest being paid on savings accounts, you might end up losing money.  

If you could be assured that: a) the place you choose is really safe, and b) you won't spend the money, then keeping the cash at home should be okay.  Only you know whether you would spend the money if it is there and how safe the house is.

Answer 5

find a bank that doesnt charge you and put your money in a bank. it would suck so bad if so freak thing happened and you got robbed or your house burnt down or something. all of your money would be gone. you might not think it will happen to you but it can. your money will be fine in a bank. plus  you can get interest.

edit: lol i dont worry doubt your house will burn down, but there is a much greater chance of a freak accident (robber, fire, etc) happening to your money at home vs. at a bank.

Answer 6

I don't know.  If your bank is FDIC insured, you're porbably safe with the bank.

Keeping money in your home - well, what are the chances a roommate, friend, aquaintance, burgler or other may stumble across it?  What if there is a fire?

I suppose there's no really safe place.  Put it wherever you think you'll worry about it less.  

Personally, I figure my luck would be that something would happen if I kept it at home.  I had a friend put a bunch under the bed (I know, cliche), and it MOLDED after a wet spring with dampness there he didn't see until he moved the bed.

---

Oh, and Steve has a REALLY good point.  If your money is in your house, you'll be much more likely to save it rather than spend it.  I'd have to hide it from MYSELF...