There are many ways to save your money – $50 stuck between the pages of a book, $100 stuffed underneath a mattress or loose bills tossed in a cookie jar. We’ve seen practices like this go viral on social media. However, keeping large amounts of cash on hand is not recommended at any time.
Money can be lost or stolen
Cash money is vulnerable to being lost, stolen or destroyed by fire, flood and pests. Unfortunately, there is no way to trace or reclaim cash in these instances. Most homeowners and renters insurance policies do not provide full coverage for cash assets (usually no more than a few hundred dollars). Review your policy or ask your agent for more information on your coverage.
Money cannot grow
Keeping cash at home means it doesn’t have the opportunity to grow. In fact, cash can lose buying power over time if prices of items are on the rise (inflation).
When you deposit money into an interest-earning account, whether it is a savings, checking or money market account or Certificate of Deposit (CD), your money can grow. Not to mention, if you deposit at a FDIC bank, your funds are insured for up to $250,000 per depositor, per ownership category. Contact your local Peoples Bank branch for more information on current account and CD rates.
Another option is to diversify your financial portfolio with financial planning*. Our Trust and Wealth Management team will help create a custom roadmap based on your financial picture, goals and risk tolerance. Our team monitors the economy and financial markets and meets with you regularly to keep you apprised of the market and your portfolio performance. Click here or call 1.800.860.6107 for more information.
Peace of mind
For 122 years, Peoples Bank has been helping residents and small businesses overcome challenges and seize opportunities. We have access to a large array of products and services and provide local, personalized service to help you meet your financial goals. Peoples Bank will always act with your best interest in mind – we are here for you!
*INVESTMENT PRODUCTS ARE NOT INSURED BY FDIC. NOT DEPOSITS OR OTHER OBLIGATIONS OF THE BANK AND ARE NOT GUARANTEED BY THE BANK; SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF PRINCIPAL INVESTED.
