Can you re”lie” on this safe mattress to solve your Spanish bank worries?

What does a bed maker have to do with your savings?  As the video below shows, in the context of  what is happening with Spanish banks, quite a lot.  Indeed, the answer can be quite obvious if we go a little bit further back in time when the only safe place to keep your money was in your own bed.

Descanso Santos Suenos, or DeSS, a Spanish company owned by Paco Santos launched their new product three weeks ago: Caja de ahorros Micolchon – “My Mattress Safe”.

It means exactly what it says,  a bed mattress with a 15×10 centimeter built-in safe equipped with a keypad combination lock. Santos, the company’s president, declares that his company is a financial services firm and wants to “reinvent the traditional method of saving money”.

Courtesy of Descanso Santos Suenos

Courtesy of Descanso Santos Suenos

Coincidence or not, Santos released his new product perfectly timed for a tumultuous bailout of banks in Cyprus, after Europe’s finance ministers decided Cypriots with more than €100,000 in the bank would have to help pay for bank rescues on the island. Consequently, people across the eurozone have become even more concerned about their own savings.

“If it happened in Cyprus, why couldn’t it happen to me?” company president Paco Santos told Markets Pulse in a telephone interview, whilst avoiding during the interview all puns about “sleeping safe in the knowledge that you know where your money really is”

Indeed Santos did suffer with the current Spanish crisis. Santos, a 57-year-old salesman, was laid off from Spain’s biggest mattress manufacturer three years ago after a 14-year career and has since started his own company.  “I had a hunch that this new product would sell,” Santos told NPR’s blog. “You see, we’ve got big economic problems in Spain, and people have really lost confidence in the banks, but with the DESS mattress people can sleep easier at night.”

What about the Mattress Safe?

If you are interested in this saving option you should spend  a little before, as the beds themselves sell for 875 euros each. However, accordingly to The Local, Santos’ mattress had received 80 inquiries in one week alone, and that 30 deals had been completed. “It’s surpassing all our forecasts,” Santos said.

Caja de ahorros Micolchon is now based in Salamanca, Spain, has seven people now working and is contracting out production of the mattresses to a factory in Portugal.

How to keep your savings safe

On a serious note the Mattress safe is a brilliant idea.  But maybe not for all your wealth.  Apart from the obvious concerns about loosing your money in a fire etc, putting your money under the mattress means that you are guaranteed to loose money through inflation.  If you would like a review of your investment situation please feel welcome to contact us at barry.davys@spectrum-ifa.com or telephone +34 645 257 525.

 

Author: Barry Davys

Expat Financial Advice Spain

 

 

Sources: Caja de ahorros MicolchonMarkets PulseNPR's blogThe Local

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