Currency Storage

Many people put their money away in banks, almost everyone today possesses a bank account where they receive or make monthly deposits of their salaries or payments for services of many kinds. However, there are still many of us who prefer to have some currency storage and also valuables that is easy to reach at home, either for convenience or lack of trust. You should be careful where you keep these items, since it is common receive unexpected and unwelcome visitors to your home.  They don’t think twice about taking everything valuable you own for their own advantage.  Cash is the most common stolen item in home burglary.

Even if you have money sitting in a savings account or bank term deposit, watch out: Its value may be eroding every day.  Many people opt to keep their money in the bank to protect it. Unlike investments in shares, the value of your bank account does not wobble when the stock market does.  But if you don’t plan to use the money for a couple of years or more, inflation may do more harm to your savings than any share market dip could.  That is where storing some of your wealth in currency and having a suitable currency storage faculty can be paramount to your long term wealth plans.

You should understand that term deposits are not a liquid investment. You are effectively lending your money to the bank for a fixed period, and the bank is not obliged to pay it back early.  This is why a private facility that provides currency storage  that allows you quick access your investments can be a benefit to your wealth goals.

When another financial crisis hits and the banks wobble, your funds could be at risk because of an Open Bank Resolution policy or Bank Bail In.

This allows deposits of unsecured creditors, such as those with cash and term deposits in the bank, to have a portion of their funds used to prop up the bank. Those with term deposits would have to wait over 30 days to get their money, to avoid a run on the bank.  That is unless the government and the bank have already taken your funds.

At Private Vaults Australia we are not telling you not to have your cash in the bank, but we do suggest everyone should strive to have an amount equivalent to three months’ worth of income (cash, bullion or currency) in a safe deposit box; in case of emergencies, offering you peace of mind if ever needed.

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