People have been warned against withdrawing money from banks during the credit crunch and stashing their cash at home.
This is because many will not be covered by their home insurance should anything happen, esure says.
Some policies will only cover what is considered to be 'loose change', leaving any significant amounts of money in a property unprotected.
Mike Pickard, head of risk and underwriting at esure home insurance, said: "People looking for a safe place for their money should look further than buying a safe for their loft or under-stairs cupboard."
He said that although safes and deposit boxes are good for storing jewellery or keys they are not "a good home for your savings".
This advice comes as the Times reported an increase in the sales of safes because many wealthy savers are losing faith in the UK's banks.
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