Where to keep your money?

it is important to diversify your money.money and finance experts have this rule: don't out all your eggs in one basket. I follow the same rule myself.I have a bank account from an established bank.I save part of my money there.next week,I am opening a mutual fund.the mutual fund is like putting your money in a bank,except the brokers will trade your money in stocks,so there'll be bigger interests.plus,there is a lock in period of at least 3 years or more.

I also saw that man on tv who was interviewed about depositing a big amount of money to that bank just days before it was closed. My heart goes out to that man. I also dont know what to do if i ever go into that situation. Right now I am making sure that the bank I have entrusted my money is good and is large so that I wont worry about their stability.

Hi Marichris! It is true you don't keep all your eggs in one basket. We hardly have money in banks. If we have, it is only for an amount that we used in our monthly expenses. Most of our money are invested in our insurance plans and an educational plan for my son. If it is for savings purposes, we put our money in a cooperative which gives out dividends annually that are much higher than the interest offered by banks.

Hi santos, I don't keep money in the bank anymore. I realized the interest is far too low than if I invest them outside. Nowadays, it is usually enough for the budget and nothing is left after the things are settled down. If ever I may have surplus on my budget in the future, I would invest them in businesses around the town or loan them at a reasonable interest to qualified persons. I have said goodbye to banks along time ago and unless my surplus goes up to ten thousand per month, then I would definitely consider opening another account, in a reputable bank of course. But not for now.

Every month I save part of my wages,but I am not myself saving,because I think my self-control is still not good enough.I still need someone to supervise me.So I pay a sum of money every month for my mother,let she helped me saving,so to me more effect!

I also do keep my money in the bank for it is where I am more comfortable to place my savings. For approximately six years, I have been depositing in the bank that has just been closed. In my experience as a member of the said bank, I've already noticed some services that I don't seem to like. Fortunately, I have transferred my account before it is closed. We might be attracted to the interest rates they offer but we must first check on how they manage everything. There are no great assurance on our money's safety wherever we may keep them. Provided that you place your money inside the house; what if someone will sneak in and rob you? what if there would be an incident of fire?; still, everything will be lost. If I have greater amount of money, it would be wise to disperse it on different banks for we aren't sure of its 100% safety. Next thing to consider is the amount you put in. Make sure that it would not exceed to the given amount that PDIC insures the depositors. In that way, you will still be able to claim your money back. It is also good to invest your money on something. In the long run, you'll enjoy the return of investments and could be many-folds of it.

I've never been unable to withdraw money from the bank I use but I agree that it's not a good idea to put all the eggs in a basket. I don't have too much money in the bank but if I had a little more I would have more than one bank account. People should be able to trust the banks with their money but maybe sometimes it's okay to keep money under the mattress even if it doesn't accumulate any interest down there.

It is true that unfortunate things can happen with regards to banks and such. However, I really don't feel comfortable keeping money in my apartment. I feel a little more comfortable keeping it in a bank. I don't have a lot of money to begin with. I really cannot afford to lose money.

Hi santos mari chris: I'm worried about this. In my case I have a bank account but I also part of my money is safe in my house and I also have some investments. I have a business with my family so I think I'm taking the advice that you give us. Sometimes we think that Banks are the most safety places to put your money but even banks are closed . ALVARO