How to Store Money Without a Bank


While a bank is typically considered the most convenient way to store money, there are also plenty of reasons why you might prefer not to use a bank account. Perhaps you want to avoid the unnecessary fees, or you’ve been subject to fraud despite having a bank account in the past.

woman opening safe

In any case, there are several alternatives you can pursue when it comes to storing and using your money without a bank account.

6 Ways to Store Money Without a Bank Account

Take a look at the options below and consider what suits your financial needs best.

1. Get a Home Safe

A personal safe can be a smart solution for those seeking to store money outside of traditional banking methods. Keeping it at home offers the convenience of quick access to your funds, as well as a sense of security by safeguarding your savings without relying on banks.

However, keep in mind that not all personal safes are alike. Before making a decision, make sure to thoroughly evaluate your options and choose a safe that fits all of your requirements, ensuring the protection of your assets.

Water and Fireproof

Perhaps the most important detail for any home safe is that it can withstand damage from natural disasters. If you’re using a home safe as an alternative to bank accounts, you’ll want to get a fireproof safe. This is especially essential if you live in an area at risk of serious flooding or other extreme weather events.

Size and Weight

If you’re storing large sums of cash and other valuables in a personal money safe, you need to consider its size and weight. Primarily, you’ll want to ensure that nobody can easily transport your safe.

A safe that weighs 25 lbs., for example, could easily be stolen and removed from your storage place by a thief. At the same time, you’ll have to consider the storage space you actually need. And you’ll also want to be sure that your safe will fit nicely in your intended storage location.

Mounting Capabilities

In addition to weight, a safe’s ability to be mounted is also a critical security feature. Some safes can be mounted to a wall, some to a floor, while many can do both. Be sure to check before purchasing if mounting your safe is something you want to do. 


When deciding on a storage location for your personal safe, it’s essential to approach it with care and consideration. It should be placed in a secure location that cannot be easily moved or tampered with.

While hiding the safe is not a requirement, avoiding having it in an area where it can be easily seen by visitors is a wise precaution. Choosing the right spot for your safe can give you peace of mind knowing that your valuable assets are safe and secure.

2. Buy Gold or Silver

Gold and silver can be a way to store wealth for people without a bank account. They have been used as a store of value for thousands of years. However, precious metals have several downsides as a form of savings.

Precious metals can be difficult and expensive to buy and sell, and they don’t earn any interest or dividends. Additionally, gold and silver can be subject to theft. Moreover, their value can be affected by many factors, such as changes in the economy, geopolitical events, and supply and demand.

Here are the best places to buy gold and silver online.

3. Buy Bitcoin

If you’re a fan of Bitcoin, you’ve probably heard the phrase “be your own bank”. But, is it really possible?

Absolutely! As long as you have the necessary technical knowledge and resources to properly secure your assets.

When it comes to storing your Bitcoin, you should have a comprehensive understanding of securing your private keys, which grant you access to your Bitcoin. Furthermore, you need to know how to defend your computer and mobile devices against hacking, phishing scams, and malware.

One of the most secure methods for storing your Bitcoin is through the use of a cold wallet, also known as cold storage. A cold wallet encompasses any type of offline storage solution. This includes hardware wallets or paper wallets, where the private keys providing access to your Bitcoin are stored offline and not connected to the internet. By using cold storage, you can feel confident that your assets are protected from potential security threats.

4. Use a Prepaid Debit Card

Prepaid debit cards can be a smart and simple way to manage your money, without the hassle of traditional banking methods. Similar to regular debit cards, they allow you to make purchases and withdraw cash, without being linked to a checking or savings account.

One advantage of prepaid cards is the power they give you to control your spending. Load only what you need and manage your finances with ease. This can be especially helpful for those who have a tendency to overspend.

Not only that, but prepaid debit cards can be used anywhere that accepts traditional debit or credit cards, giving you the freedom to make online purchases, pay bills, or withdraw cash.

You can buy a prepaid card online, at convenience stores, gas stations, and at major retailers such as Walmart and Costco. There are also numerous ways to load money onto them easily.

However, just be aware that prepaid cards often come with various fees, such as activation, maintenance, and out-of-network ATM fees. So, be sure to read the fine print and understand the terms and conditions before making a decision. Also, some cards may not be usable in all countries.

Uncover the best prepaid debit cards for your needs by exploring our comprehensive list.

5. Join a Credit Union

If traditional banks don’t appeal to you, consider becoming a member of a credit union. Credit unions often offer many of the same services as banks, such as checking and savings accounts, but usually come with lower fees and higher interest rates on savings. They are member-owned, community-focused, and can be a secure place to store and grow your money without involving a conventional bank.

You can also open a high-yield savings account or a money market account. Although credit unions are not insured by the FDIC, they are protected by the National Credit Union Administration (NCUA) for the same value of $250,000. In addition, credit unions don’t always require the same degree of personal information that traditional banks do upon sign up.

So if privacy is a concern for you with a traditional bank, or if you’re not comfortable holding all your money at home, a credit union could be your best bet.

6. Bank Account of a Family Member

You might consider asking a family member or trusted friend if you could send money to their account to hold it for you. This could be a good idea if you need a temporary solution whilst keeping some distance between yourself and the banking system.

Benefits of Storing Money without a Bank Account

If you’re interested in the idea of storing money without a bank account, you may be wondering what exactly the benefits are. Well, there are several potential upsides to consider:

Avoiding Fees

One of the primary advantages of avoiding the banking system is getting away from the host of fees that many traditional bank accounts come with. From ATM fees, monthly fees, overdraft fees and more, many people are attracted to the idea of saving money from avoiding banking fees.

Total Control over Your Money

Storing money outside a bank allows you to be in total control of your finances. You’ll have more freedom when it comes to storage, investments, and transfers. Plus, you won’t have to make any formal requests, or wait around, to withdraw funds. You might also prefer to have an emergency fund stored at home for instant access.

Avoiding Debt

Many people choose to go without a bank account to avoid getting caught up in debt. It becomes much harder to open new lines of credit if you don’t have a bank account. This typically means you’re less likely to be reckless with credit and get into large debt.

Access Better Rates

When it comes to saving money, traditional banks don’t always offer very inspiring rates. Using a traditional banking alternative, such as an online-only bank, for example, may allow you to access more competitive interest rates. Even online banking can expose you to better rates on your savings.

Benefits of Storing Money with a Bank

On the other hand, there are many advantages that come with using a bank to store your money. Here are some of the benefits of storing your money in a bank account:

FDIC Insurance

The vast majority of legitimate banks in the country are insured by the Federal Deposit Insurance Corporation, which means that your money is insured up to $250,000 in the event that the bank collapses.

If you decide to store your money yourself, you won’t have that protection if, for example, your home safe is damaged or stolen.

Easier to Apply for Loans

An important advantage of having a bank account is that it makes it much simpler to obtain credit. Lenders often ask for bank statements as a proof of financial stability and income. This documentation is very useful in the approval process of many types of loans.

If you want to take out a mortgage, for example, the lender will usually require monthly statements on your income and expenses. While there are of course other ways to provide this information, having a bank account makes it extremely easy and hassle-free.

Easy Return on Savings

With a high-yield savings account, you can earn significant interest on your savings while also having access to your funds when you need them. In fact, digital banks offer some of the best rates and a lot of them don’t require a credit check.

If you’ve got a checking account, it’s easy to also open a savings account and begin earning some return on your savings. While high-yield checking accounts also exist, their rates are typically lower than traditional savings accounts. But, earning some interest on the money in your checking account is better than none.

Easier Money Management

It can be much easier to manage and organize your money when it’s in a checking or savings account. It also acts as an easy way to track your expenses for budgeting purposes.

When you can see precisely how much income you’ve got each month, and where it’s going, it can be easier to figure out how you’re going to save money. Plus, online banking allows you to check your account details 24/7.

Frequently Asked Questions

What is the best way to save money without a savings account?

The best way to save money without a savings account is to use a combination of cash envelopes for daily expenses, and a safe or lockbox for longer-term savings. Investing in Treasury bonds or using prepaid cards with low fees can also be effective methods for saving. Always prioritize safety and accessibility when choosing your savings method.

How can I send money to someone without a bank account?

There are many ways to send money to someone without a bank account. You could use an online service such as a money transfer service, wire transfer, money order, cashier’s check, or a prepaid debit card.

In addition to these, you can also consider peer-to-peer apps like Cash App or PayPal. Some apps allow you to send money to a phone number or email address, and the recipient can then retrieve the funds without requiring a traditional bank account.

Another modern method is using cryptocurrencies like Bitcoin or Ethereum, which can be sent directly from person to person without the need for a traditional banking structure.

Can I receive a wire transfer without a bank account?

Receiving a wire transfer without a traditional bank account is possible through various methods. Some financial service companies and money transfer services can accept the transfer on your behalf and give you cash or load it onto a prepaid card.

Alternatively, a trusted friend or family member with a bank account can receive the funds for you and then provide the money via another means. Employers may also offer the option of loading the wire transfer onto a payroll card. Check-cashing stores, mobile wallets, and even some cryptocurrency exchanges can also facilitate this service.

Can you get a credit card without a bank account?

Yes. Credit card companies will primarily use your credit report to judge your application. However, if you don’t have a bank account, it might be a little harder to pay your credit balance each month.

Final Word

Knowing how to store money without a bank account doesn’t have to be complicated, but there are several ways to go about it. With the options mentioned above, you could safely store your money while avoiding the fees associated with regular bank accounts.

Steven Brennan
Meet the author

Steven Brennan is a freelance writer specializing in finance and cryptocurrency. He has an MA in Literature from Maynooth University in Ireland, and lives in the Pacific Northwest with his wife and young daughter.