Is it safe to keep large amounts of money in your savings account?

[InternetSwag]

Or do you store it elsewhere?

I pulled out a lot of my crypto recently which is basically all my life savings and it's just been chilling in my savings account and I'm a bit worried about back and forth in and out of altcoin/luno with large amounts of money.

Granted I do have daily limits etc. But how safe is it to just keep it in your account?

Or do ya'll have separate accounts for that?

 

[zerocool2009]

Or do you store it elsewhere?

I pulled out a lot of my crypto recently which is basically all my life savings and it's just been chilling in my savings account and I'm a bit worried about back and forth in and out of altcoin/luno with large amounts of money.

Granted I do have daily limits etc. But how safe is it to just keep it in your account?

Or do ya'll have separate accounts for that?

Savings are savings! Just remember the tax caps on “free interest”. But you aint to worry as you made millions with crypto right!

 

[RedViking]

Safe from what? SARS?

No.

 

[LetsDance]

He is thinking of Cyprus where the state fails. I also worry about that and EMP bombs.

 

[Snyper564]

Or do you store it elsewhere?

I pulled out a lot of my crypto recently which is basically all my life savings and it's just been chilling in my savings account and I'm a bit worried about back and forth in and out of altcoin/luno with large amounts of money.

Granted I do have daily limits etc. But how safe is it to just keep it in your account?

Or do ya'll have separate accounts for that?

its fine, been moving decent amounts through my accounts related to crypto for years... Just pay your tax due and you fine. Bank might query SOF just tell them crypto etc

 

[TheChamp]

Store it elsewhere of course, your limits won't help you if your account is somehow compromised, notice accounts are very helpful in this regard because there is no way to just take the money out.

 

[Snyper564]

Store it elsewhere of course, your limits won't help you if your account is somehow compromised, notice accounts are very helpful in this regard because there is no way to just take the money out.

Alternatively if you have a flexi bond dump it in there, another thing I do to eliminate as much interest as possible.

Flexi bond is actually the best spot pull out as and when you need the funds.

 

[Ghost64]

Is it a savings account with a debit card and directly transactional?
Depends on the amount. More than R200k would be too much, move the bulk of it.

 

[Willie Trombone]

Alternatively if you have a flexi bond dump it in there, another thing I do to eliminate as much interest as possible.

Flexi bond is actually the best spot pull out as and when you need the funds.

I've been doing this. Definitely a good option to save interest.

 

[itareanlnotani]

Extremely unsafe to leave it in a bank account here. Stick it oversea's, and convert to another currency.

 

[Aghori]

Or do you store it elsewhere?

I pulled out a lot of my crypto recently which is basically all my life savings and it's just been chilling in my savings account and I'm a bit worried about back and forth in and out of altcoin/luno with large amounts of money.

Granted I do have daily limits etc. But how safe is it to just keep it in your account?

Or do ya'll have separate accounts for that?

I bought physical gold/silver/platinum. I managed to get these for R100k each, after negotiations because of the large quantity that I ordered.

Rand Refinery 100g Gold Bar – IBV Gold Online

www.ibvgoldonline.co.za

You can get these for around R18k per kilogram if you negotiate:

1kg Fine Silver MC Cast Bar – IBV Gold Online

www.ibvgoldonline.co.za

 

[Willie Trombone]

Extremely unsafe to leave it in a bank account here. Stick it oversea's, and convert to another currency.

Because....?

 

[mercurial]

Because....?

.

 

[richjdavies]

Just leave it in your VBS Mutual savings account... Hang on!

Yes its crazy, any where else with a well developed financial system has DEPOSIT gaurantees... No such thing in SA!
Put it in the US or UK or EU and you'd have the first R2m or so guaranteed (by other banks/state) if the bank failed.

 

[/dev/null]

How much? Large is relative.

 

[itareanlnotani]

Because....?

Because fraud, because lack of deposit insurance, because rand deflation, because greedy government...

Many good reasons to put it elsewhere, outside of SA.

 

[Ghost64]

Because fraud, because lack of deposit insurance, because rand deflation, because greedy government...

Many good reasons to put it elsewhere, outside of SA.

How do you put money outside of SA?

 

[Willie Trombone]

because rand deflation,

U mad bro?

 

[itareanlnotani]

U mad bro?
View attachment 1154186

View attachment 1154188

Totally mad. What are we at now? 14.5ish to the dollar?

What were we at a few years back - 6 to the dollar.

Thats what can happen to your money if you leave it in a **** currency like the rand.

 

[dusi]

Don't worry, we will all be trillionaires in our life time.