Five Places to Put Cash Rather Than in the Bank

There are a whole host of alternative places to stash cash instead of keeping it in the bank. We look at the options.

A roll of cash is bound by a chain that's secured with a padlock.
(Image credit: Getty Images)

Very rarely do we stop to think what the balance printed on our bank statements really means. To most of us, most of the time, our bank balance means cash that’s readily available for us to withdraw and use. Rarely do we think about it as a kind of IOU that the bank will do its best, in conjunction with certain laws and oversight, to honor when we wish to redeem it.

Even more rarely do we consider the chance that the bank will not be able to make good on that IOU. The recent collapse of Silicon Valley Bank and Signature Bank has forced us to consider that the balance printed on our bank statements in certain cases can be very different from cash in our wallets.

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Adam Grealish
Head of Investments, Altruist

Adam Grealish serves as Head of Investments at Altruist, a fintech company on a mission to make great independent financial advice more affordable and accessible. With a career rooted in financial innovation, Adam most recently led Betterment's strategic asset allocation, fund selection, automated portfolio management, and tax strategies. In addition, he served as a vice president at Goldman Sachs, overseeing the structured corporate credit and macro credit trading strategies.