Every day, an expert from the t-online advice editorial team answers a reader’s question about money. Today: How much money should you keep at home?
Hand on heart: Do you also have a certain amount of banknotes stashed under your mattress? Just in case? And because it “doesn’t bring in anything in the bank anyway?” Then you are in good company. According to a study by the Bundesbank from 2018, every German citizen has an average of 1,300 euros in cash at home.
If you’re wondering: “Am I even allowed to do that?”, we can give you the all-clear. Contrary to some reports on social media, it is allowed to keep even amounts of over 10,000 euros in cash at home. But another question is whether that’s a good idea.
In our view, there are two main reasons why it is not advisable to keep large amounts of money in cash:
If you still want to keep money at home, we advise you to take the following measures:
By the way: An alternative to cash at home is a call money account: you can access your money every day, but you currently get up to 4 percent interest per year, which even beats inflation. Every month we put together the best call money offers for you.
