How to safely store deposits if you have more than 0,000
The collapse of Silicon Valley Bank, and fear that the pain is spreading to other financial institutions, is raising an uncomfortable question: Is ...
The collapse of Silicon Valley Bank, and fear that the pain is spreading to other financial institutions, is raising an uncomfortable question: Is it safe to leave a lot of money in a single bank? The answer, at least according to financial advisers, is generally yes. Thanks to banking legislation dating back to 1933, the Federal Deposit Insurance Corp. covers up to $250,000 per depositor in qualified accounts at insured banks. Crucially for savers, U.S. authorities also created a new bank backstop that the Federal Reserve said is big enough to protect the entire nation's deposits, including those above $250,000 at failed banks like SVB.