Martin Lewis explains the real reason you should never save cash under the mattress

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Martin Lewis explained to Britons that you should never keep money under your bed for one main reason. Speaking on The Martin Lewis Show Live, he explained that you will not be covered if the money gets stolen and that the best thing to do, regardless of how much money you have, is to keep it in a bank account where it is safe. 

After a short break from social media and our TV screens, Martin Lewis recently returned with his popular ITV show. 

On tonight’s show, Martin gave financial advice to those looking for the best bank interest rates. 

At the beginning of the show, fans ask him questions that they are needing the answer to.

One viewer asked whether or not she should just keep her savings under her mattress because the interest rates available at the moment are incredibly low.

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There are many reasons why someone may want to store cash under their mattress including having money readily available, being able to make a purchase with cash and not having to worry about any banking glitches and some may simply like knowing where all their cash is.

However the money saving expert said that this was not a suitable idea for any amounts of cash.

He explained to viewers that an insurance company would only pay out £1,000 if the woman claimed from them, regardless of how much she had.

Keeping cash under a mattress or bed is an easy picking for thieves and Martin said the woman would be best suited putting her money into a savings account.

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Most savings accounts are safe and cover up to £85,000 per person.

In other words, if a bank collapses, savers will get any money in their account up to £85,000 paid back in compensation. 

According to Martin Lewis, the top paying savings account with restricted withdrawals is the Coventry BS who offer 1.1 percent interest.

For those looking for an account that they can easily dip in and out of, then there are several available that they can choose from.

These offer a much safer alternative to keeping cash under a mattress at home where it is not safe. 

Martin Lewis is also the founder of the website where Britons ask for advice.

Sharing on a forum, one person asked others if they kept money under their beds.

They wrote: “Is it [mattress] a commonplace to keep money at home? I wouldn’t think that was a very safe thing to do but my elders tell me that they usually keep their money under a pillow or mattress and I’m not quite sure what to make of it.”

Hundreds of people replied where they explained their thoughts on keeping money under a mattress and the common answer was to keep it somewhere safer. 

Some people suggested keeping a small amount of cash at home somewhere safe incase of emergencies but larger amounts should definitely be kept in a bank account, even if they are getting nothing in return for it.

One person replied: “Why not…I keep a small amount at home to last a week or two just incase…It isn’t under the mattress though.”

Another said: “I rarely have a great deal of cash on me, apart from my monthly ‘food purse’. The rest is kept safely in various accounts that all earn me minute amounts of interest…I would hate to have all my savings go up in smoke in case of a fire or burglars.”

One other commented: “I keep some cash in the house, not much as I do prefer using cards for things, but maybe a small amount in a fireproof safe is ok. Would never ever put under mattress, no matter how much I had.”

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