Many people are looking for a safe place to put their money these days. With some banks going out of business and others being accused of treating customers unfairly, you may be tempted to just stuff your money under your mattress. Some banks have such poor returns that you might be better off doing that, although the security may not be too good!
You have to decide whether you want to put it somewhere safe and pay the price of not earning much interest on it or whether you would rather take a risk but potentially get a better return. You also have to think about whether there are certain financial institutions that you trust more than others.
It can be good to write a list of companies that you would not trust to keep your savings or places you don’t want to invest. You may not have enough money to invest in some things and so you need to take that in to consideration as well. This will make your choice a little smaller and easier.
If you want somewhere really safe, then choose to put it in an account where it can gain interest but there is no risk of it losing value. Many people say that government bonds are the safest place to put money, but there may be those that disagree with that. It may depend on how much trust you have in the government, but that might be more than you have in the bank.
It can rather be a personal decision, but you might like to take advise. It can be good to ask friends and family what they think about where the safest place is for money. You may also like to speak to a financial advisor about it and do some internet research. It is worth taking some time to think about this because it could make a difference to the money that you are able to get back when you need to draw it out.
You therefore need to compare your options and think about which might give you the best return. Think about the risk of each and what you might get back and whether you think it will be worthwhile. There will be lots of options to consider but you will have an idea of some companies or options that you want to eliminate pretty quickly and so that will help speed up the process.