The ‘Mattress Safe’: An Alternative to Shaky Spanish Banks

One Spanish businessman has come up with a novel banking option that will let investors sleep easy.

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One Spanish businessman has come up with a novel banking option that will let investors sleep easy.

Paco Santos, who three years ago was laid off from Spain’s largest mattress manufacturer, launched the Caja de Ahorros Micolchon (“My Mattress Safe” in Spanish) — a plush, padded mattress with a keypad-operated safe built into the side. Speaking with NPR, the 57-year-old explained that they have already sold a considerable number of mattresses.

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“I had a hunch that this new product would sell. You see, we’ve got big economic problems in Spain, and people have really lost confidence in the banks,” said Santos.

Last year one of Spain’s largest banks, Bankia, was forced to request the largest bailout in the nation’s history, leading the Spanish government to negotiate a banking rescue costing more than $130 billion.

“Banks are in the headline now because of Cyprus, but in Spain we have known how dangerous they can be for several years,” said Santos in an interview with the Guardian. “People were starting to say it was better to keep it under your mattress.”

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Santos’ advert cheekily suggests that keeping your money away from the banks is the best option. Stashing money under a mattress is an old and not uncommon form of putting away savings, though home insurance underwriters offer no cover unless money is kept in a safe.

Keeping money at home has other disadvantages: Greek police urged the public last year not to keep money at home after multiple reports of opportunistic thieves making off with people’s life savings. One man reportedly had €30,000 eaten by rats after he stored the notes in a bag that previously contained food.

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