Amusing anecdotes abound about people stuffing money into mattresses or placing it in other hiding places rather than trust it to a bank or building society. But, does this method of saving really offer more security that putting the money away securely?

Surely, the benefits of having a current account outweigh the disadvantages, and stuffing cash in a mattress seems fraught with danger. For a start it almost certainly won’t be covered by insurance meaning that if the house burns down the cash will literally go up in smoke. However, if your local bank or building society has the misfortune of succumbing to a blaze any depositors’ cash will be safely reimbursed.

But, other than the remote risk of losing the lot in a blaze there are many other reasons to deposit the money in a secure place. First there is the sheer inconvenience of carrying large amounts of cash when it is simply not necessary. Most modern current accounts come with a debit card as standard, which offer the convenience of cash but with much more security. These can be used to pay for goods up to the value of your bank balance, and are accepted in most retail outlets in the UK.

Even though their usage is fading fast, cheques can still come in handy to send monetary gifts by post, or for paying tradesmen. Chequebooks too, tend to come as standard with most current accounts and again are an eminently more convenient way to pay for things than using large sums of cash.

The easiest way to pay utility and other household bills these days is by direct debit. Indeed, many companies offer some form of discount to customers who pay using that method and banks and building societies offer a direct debit guarantee that ensures that in cases where money is taken through the direct debit route in error, it is refunded. Again, most financial bodies offer direct debit mandates as standard on current accounts

Although you don’t have the risk of large sums of cash in your home, you get all the convenience with an online current account. Banking on the internet is hugely popular and allows most people to fulfil most of their banking needs without the need to leave home.

Finally, there’s the little point of earning interest. Unlike interest offered on savings accounts, there is no such thing as mattress interest, meaning that your mattress stash is never going to grow any larger.

Disclaimer: This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.