If your money keeps you up at night, there’s a chance it’s because your mattress is lumpy from all the dollar bills stuffed under it. That’s right: Some people still stash cash under their mattresses. A new study (PDF) by financial management app company Piere found that 6% of Americans store cash beneath mattresses, beds and pillows — and a lot of other places around their homes.
Why do they think that’s a good idea? Yuval Shuminer, co-founder and CEO of Piere, points to the worrying financial headlines we’ve been seeing lately.
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“With so much uncertainty in the economy, it’s no surprise that people are looking for ways to keep their money close at hand,” Shuminer said. “The resurgence in mattress stuffing isn’t some whimsical trend. It’s a sign that many Americans feel uneasy about the financial system and are searching for something they can trust.”
With tariffs, stock market swings and high costs across the board, it’s not surprising that people are worried about their finances. But hoarding money at home isn’t the right way to ensure your financial security. Read on to learn about the dangers of keeping cash in your house — and what you should do with it instead.
Read more: 6 Best Places to Save Money and Earn Interest
The surprising places people keep their cash
If you don’t find any dollar bills under your neighbor’s mattress, keep looking. There’s a decent chance they might keep it somewhere else in the house. (Disclaimer: Don’t actually dig through your neighbor’s house for cash. That would be illegal and awkward.)
Here’s a rundown of the various places around the house where Americans are stashing some of their dollar bills, according to Piere’s study of 1,500 respondents:
- In a safe: 10% keep some money in a locked safe
- In a secret compartment: 6% keep cash in a place (they hope) no one will ever find
- Under the bed/mattress/pillow: 6% stick with the old-school approach favored by movie mobsters
- In a freezer/fridge: 5% keep their cold, hard cash next to their cold food
- In an ornament/vase/urn: 4% use these items for more than just decoration
- Under the floorboards/carpet: 3% keep cash under their feet — literally
It’s not just standard cash, either. Piere’s research revealed that Americans also keep their wealth at home in the form of valuables such as precious gems, silver or gold bars, heirlooms and traveler’s checks.
The average respondent said they keep $544 in valuables, cash or both at home. And it’s more common than you may think: Only 5% of respondents said they don’t keep any money around the house.
Why it’s a bad idea to stash cash at home
While that envelope of hundreds in your sock drawer might feel like a fallback to protect you if the world ends, there are some major downsides to keeping a chunk of cash at home.
- It’s unsafe: Your insurance policy might protect your property and some of its items but it doesn’t cover lost cash. In addition to theft and natural disasters, you risk misplacing your money. And when it’s gone, it’s gone.
- It won’t earn anything: If you have $544 in your freezer, it will still be $544 a year from now. If you put it somewhere that pays interest — like in a savings account or certificate of deposit — your total will grow without any action needed on your part.
- It could lose value: If you’re worried about inflation, keeping cash at home won’t do anything to help. By earning a 0% return, your money loses purchasing power and fails to keep pace with the rising cost of goods and services. Interest earnings can help offset depreciation.
Smarter places to put your cash
No matter how much peace of mind you may get from keeping cash at home, you should find a new place for it. So, take that money out from under your pillow, put your pillowcase in the washing machine (money is dirty) and consider putting your cash in these places instead.
In addition to growth potential, they provide federal deposit insurance to keep your money safe in case of a bank failure.
High-yield savings account
The best high-yield savings accounts pay up to a 5% annual percentage yield right now. A $544 deposit would earn $27.20 over a year at that rate. And the longer you keep your money in the account, the faster it grows thanks to compound interest.
Your money will still be accessible when you need it. Big banks offer a lot of ATM locations and plenty of online banks partner with large ATM networks. This makes a high-yield savings account ideal for money you may need at any time, such as an emergency fund.
Certificate of deposit
CDs also offer competitive rates. Today’s best CDs earn up to 4.65% APY. At that rate, $544 would earn $12.50 on a six-month CD, $25.30 on a one-year CD and $79.47 on a three-year CD (there are a range of other terms to choose from, too).
Unlike savings accounts, whose rates can change without notice, CDs offer a fixed rate if you keep your cash in the account for the entire term. That means you’ll need to be comfortable leaving your money alone for a set period. If you access it before the CD matures, you may face an early withdrawal penalty.
Money market account
A money market account is a hybrid between a savings and a checking account. It gives you flexible access to your funds thanks to debit cards, check-writing privileges or both, and you’ll also enjoy the benefit of earning a decent chunk of interest.
The best money market accounts currently pay upward of 4.4% APY. At that rate, a $544 deposit could earn $23.94 over a year.
Put your cash somewhere it can work for you
Keeping your cash near might make you feel more comfortable, especially when the economy is shaky. But hoarding piles of bills won’t do you much good — and it could put your money at risk. Put it in one of the places above and you can rest easy knowing it’s safe and growing.
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