Should You Buy A Safe To Keep Cash Savings Safely?

An article in Singapore’s The Straits Times of 11 October 2008 reported that many people have been window-shopping and buying safes from security firms to secure their cash savings. At such uncertain times in the current financial turmoil where banks do not look remotely like safe havens for your cash, to keep some cash savings in your own safe sounds like a good idea.

After all, which bank can you trust with your cash savings? Your neighbourhood bank branch in Singapore is safe only for the first $20000 of your cash savings. You can of course divide your cash among the different banks in Singapore up to $20000 per bank. Any cash sums above that will not be guaranteed.

But who knows which bank may be next in line to face financial problems? Even if your cash savings is guaranteed for the first $20000, in the event of a bank bankruptcy, there will certainly be delays in recovering cash until investigations are all completed. That could take weeks, months or maybe years especially if there are some discrepancies in your bank statements.

Licensed Singapore banks are safe. Licensed Singapore banks are well managed. Your first $20000 of deposits and savings is insured under the Deposits Insurance Scheme, and thus is safe.


There is no fear of losing money in Singapore savings account and Singapore denominated fixed deposits maintained by licensed Singapore banks. But if you really must sleep with your cash to feel safe, make sure that money under your pillow is at least kept in a secured home safe.

Bear in mind that even your safe at home or office is subject to risks. Like misplacing the vault keys. Like forgetting safe combination codes. Like robbery. Like depreciation of currency. Like inflation. All safe places to stash your cash savings come with risks. Only the degree differs.

Do not get paranoid about hoarding cash savings. Money in Singapore banks is safe.

Thank you for reading Singapore Savings Account Rates.