Your Money: Cash under mattress must be fully covered | Personal Finance | Finance


Confidence in online banking was hit by the catastrophic it failure at TSB in April, which left many unable to access their own money, while hardware failures also crashed the Visa electronic payment system in June.

A quarter are so worried about a financial disaster that they are deliberately stockpiling a cash reserve to see them through.

Eight out of 10 are hoarding a total of £7.7billion, according to research from GoCompare Home insurance, or £187 on average.

Just 4 per cent of us stuff our cash under the mattress, with more than a third having a safe at home and a similar number putting it in a drawer, while almost one in five keep their cash in a tin.

Holding too much cash is dangerous because it can be lost, mislaid or stolen and you may not have cover under your home contents policy.

GoCompare.com consumer champion Georgie Frost said most contents policies will cover a limited amount of personal cash kept in the home against theft or damage: “The sum varies widely between policies, from £100 to £10,000. typically, most cover £500 to £1,000.”

She advised against storing money where it can easily be lost or damaged: “Ideally, keep it in a secure, fire and water proof container such as a home safe.”

Most insurers do not cover cash outside the home, unless you have paid extra for personal possessions cover, which insures your belongings when out and about.



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