The IPAB protects the bank deposits of small and medium savers
The safest way to store large amounts of money is through a savings account, debit card, or payroll account. However, something you should take into account is the maximum amount that these types of accounts are allowed to keep in the bank.
It should be noted that this condition varies depending on the bank or financial institution in which you have opened your account, so to know the maximum amount of money you must carefully review your contract.
However, it is very important that you know that some banking institutions have a type of government insurance, which serves to protect your money in case your bank goes bankrupt.
This insurance is granted by the Institute for the Protection of Bank Savings (IPAB) and supports the money of account holders up to 400 thousand Investment Units (UDIS), which is equivalent to approximately 2 million 55 thousand pesos, so if you save more than the established limit, you will not be able to make the insurance valid for the total amount of your account.
This is why if you receive large amounts of money, it is best to divide it and keep it in different banks, in order to protect it in case of an emergency.
However, it is important to mention that this strategy does not work if you keep your money in different accounts within the same bank, since the best way to protect it well is to divide the money in different financial institutions, since this is the only way in which the IPAB will help you.