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Home >> Accounts >> Certificates of Deposit
Keeping Money Safe Outside of Bank
I have a check for $9,000 that is made payable to me. I only want to deposit $4,000 and keep the remaining $5,000. What is the safest way for me to keep this $5,000 outside of having it deposited in the bank?
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 Cash the check and if you have no intended purpose for the $5,000, make it work for you and put it in a certificate of deposit. You can choose a short term CD and renew it often, if you don't need the cash, or go for a longer term to get a higher rate.
If your intent is to have cash accessible, either place it in a safe deposit box or in a home safe that you keep locked, and can't be moved. Some home safes are actually taken in entirety by thieves so they can be opened later. The safe should be too large to move, or bolted to the floor.
Published on BankingQuestions.com 4/30/08
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