Would you rather store your cash in a safe in your home, or in a bank armed with surveillance cameras and security officers, and government insurance? If youíre like most North Americans these days, the answer is your own safe.
Sales for safes have jumped 40% in the last year. And demand is so high that manufacturers are racing to roll out new, unique models, everything from a fire-proof safe that can withstand 1,800 degrees of heat, to a safe that looks like a pair of men's underwear. Itís called the ďBrief Safe,Ē and can be yours for $20.
So, whyís there a safe craze? Experts chock it up to the fact that a rising number of people donít trust their valuables to banks. A new survey found that 1 in 3 North Americans have zero confidence in banks, so they think that stashing their money and valuables in a safe that they alone have access to is the only way to keep their valuables safe.
But experts say that using a home safe isnít a smart money move. First, youíre actually losing money, because you canít earn interest on cash sitting in a steel box in your house. Also, experts say that nothing you put in a safe is ever completely safe and sound. With the right tools and training, criminals can break into almost any type of safe. In fact, there are hundreds of online videos that give pointers on breaking into safes. And if a thief steals your cash at home, then itís gone for good, but if itís stolen from a bank, the Federal Deposit Insurance Corp, also know as the FDIC, will refund your losses up to $250,000.