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Apache is functioning normally

May 3, 2023 by Brett Tams

Is My Money Safe in the Bank?

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In recent months the FDIC has managed two of the largest bank failures in U.S. history. The collapse of Silicon Valley Bank (SVB) and Signature Bank happened shockingly fast. And First Republic wasn’t far behind. Consumers have plenty of questions, as the banking sector looks shakier than at any point since the 2008 recession. But perhaps the biggest is also the most basic: is my money safe? The good news is, yes. The federal government acts to protect bank deposits in a number of ways. The two most important, and effective, are insurance and liquidity. For help managing your money and preparing for potential future bank failures, consider working with a financial advisor.

The Federal Government Insures Deposits

The most direct way that the government acts is through depository insurance. For banks, this is managed by the FDIC (Federal Deposit Insurance Corporation). For credit unions, which operate similarly to banks, deposit insurance is managed by the NCUA (the “National Credit Union Administration”).

In both cases, the government insures each depositor at each institution for up to $250,000. This means that if the bank fails and its assets are wiped out, the government will reimburse you for any and all lost money up to $250,000. It periodically updates that amount for inflation.

This rule applies to each depositor, so the government won’t protect multiple accounts at the same bank. However it applies to each institution as well. So if you have three accounts with a single bank, you are only protected up to $250,000. However if you have accounts at three separate banks, your money at each institution is protected up to the limit. There are some instances in which you could have multiple accounts protected at one institution, if they are different types of accounts.

This also applies only to depository institutions, places which offer products like checking and savings accounts. It does not apply to investment banks. The government will reimburse you if your checking account is wiped out, but it won’t make you whole for stock market losses.

The Federal Reserve also has shown willingness to expand its footprint of protection. When Silicon Valley Bank collapsed, the government lifted this $250,000 cap. It guaranteed that it would reimburse all of the money that businesses and individuals had on deposit, including about $18 billion in uninsured cash. It did the same with Signature bank, guaranteeing about $1.6 billion in uninsured assets.

The FDIC and the Federal Reserve Backstop Liquidity

Depository insurance is the guarantee of last resort, and the government uses it very rarely. Before reimbursing consumers the FDIC and the Federal Reserve try to prop up a bank’s liquidity and keep it from failing. They do this in two main ways.

Lender of Last Resort

First, the Federal Reserve acts as a lender of last resort when banks need cash. This is the government’s preferred method of protecting deposits at healthy banks.

One of the major ways that a bank can fail is if too many depositors try to take their money out all at once. The bank might not have enough cash on hand to cover all of these demands, which can force it to sell off assets at a loss or even might bankrupt the institution altogether.

To prevent this, the Federal Reserve extends emergency loans to banks in need of cash. Banks can borrow money from the government to cover their immediate needs and make depositors whole. This is useful to solve cash flow crises, when an otherwise stable institution might be forced into insolvency by a short-term demand for money. The bank takes out a loan to meet its short-term demands and repays that loan with the returns on its long-term investments.

To cover particularly large liquidity issues, the Federal Reserve has recently created the Bank Term Funding Program. This was instituted in the wake of the SVB and Signature collapses, and it will act as a lender of last resort for large institutions.

Broker of Last Resort

As noted above, lending to banks can work well for a healthy institution that has cash flow issues. Any bank, no matter how well-managed, is vulnerable to a bank run and emergency loans can cover that short-term crisis.

Loans will not work for banks that are failing though. While the government will, typically, extend loans to try and shore up an immediate crisis (such as it did in the case of SVB and Signature), that is only a stopgap solution when the bank is going out of business. And that happens more often than most consumers realize. Banks may fail because they made bad investments, because they have lost too many customers or because their underlying business model has gone wrong in some way.

In this case, the Federal Reserve and the FDIC act as a broker of last resort to try and sell the bank to another, healthier institution. Their goal is to find a solvent bank that will take over the failing bank’s deposits and assets, effectively folding one institution into another.

When successful, the FDIC doesn’t need to reimburse depositors at all. Often, from the outside, this looks like a simple merger and individual consumers notice no change except for the name on the door. The new institution takes over the deposits and loans of the old one. This is particularly important because large depositors frequently have more than $250,000 on account with their banks. One estimate by the FDIC suggests that about 43% of all bank deposits are uninsured, so mergers are a critical tool for making sure that depositors are protected against bank failures.

Depositors Are Historically Well-Protected

Banking protections are an incredibly complicated issue, and the government has a wide range of regulatory and financial tools that it uses to protect depositors. For example, the Federal Reserve conducts regular oversight of banks to look for bad investments and risky assets that might cause a failure (although, as the case of SVB made clear, this system is far from foolproof).

The takeaway is this, though: As a depositor, your money is about as safe as it can be. Making sure that depositors feel like their money is secure is a huge priority for the government, and several different agencies and entities work to make sure of that. Banks are monitored to try and prevent failures, and the Federal Reserve acts to give them liquidity quickly and at need. When a bank does fail, the government moves quickly to find a buyer for those assets and deposits. And if all that doesn’t work, it simply cuts a check to reimburse depositors for cash that they’ve lost.

It’s not a perfect system, but depositors haven’t lost money to a bank failure in the United States since the 1930s.

The Bottom Line

Your money is as safe as it can be in the bank. Between depositor insurance, emergency loans and bank sales, the government works hard to protect what you have.

Banking Tips

  • In addition to traditional banks, online banks have become a new issue in finance, with many wondering if they are safe for consumers.
  • A financial advisor can help you plan to keep your money safe. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Photo credit: ©iStock.com/Henrik5000, ©iStock.com/mphillips007, ©iStock.com/mapodile

Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.

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Apache is functioning normally

May 3, 2023 by Brett Tams

Which Savings Account Will Earn You the Most Money? – SmartAsset

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There are many types of savings accounts. Money market accounts can earn higher interest rates than traditional savings accounts. But CDs can often earn even higher rates. However, there are pros and cons to each type of account that goes beyond interest rates. Here’s what to know before you deposit your money.

If you have questions about how your savings account fits into your overall financial plan, consider working with a financial advisor.

High-Yield Savings Accounts

High-yield savings accounts are similar in many ways to traditional savings accounts and have many of the same advantages, including FDIC insurance on balances up to $250,000.

As their name suggests, high-yield savings accounts pay interest rates higher than traditional savings accounts. Interest rates change frequently, but generally, that equates to 10-20 times higher interest rates.

Other than interest rates, the biggest difference between high-yield savings accounts and traditional savings accounts is the presence of bank branches. Those that offer traditional savings accounts typically have them, while those with high-yield savings accounts don’t.

The latter is generally offered by online-only banks, and their lack of branches allows them to cut costs and offer better rates to their customers. However, the two are otherwise similar in most ways.

High-yield savings accounts, which at time of writing offered annual percentage yields above 4%, usually have a monthly transaction limit (typically six per month), and they often don’t have ATM access or check-writing privileges. Still, customers can access their money whenever they need it by transferring money electronically.

Money Market Accounts

Money market accounts are another type of saving product that offers higher interest rates than checking accounts and traditional savings accounts. The FDIC also insures balances up to $250,000.

In addition, these accounts sometimes have features like mobile check deposits and ATM withdrawals. Like high-yield savings accounts, there may be limits on the number of monthly transactions.

The best money market accounts generally have interest rates 10-20 times higher than traditional savings accounts. While some require a minimum deposit, several allow you to open an account with $0 to start.

However, some money market accounts may charge fees for maintaining a low balance or making too many withdrawals. Check the fine print and make sure you understand the terms before opening an account.

Certificates of Deposit (CDs)

Certificates of deposit (CDs) are another type of savings product that offers higher interest rates than traditional savings accounts. CDs, which are FDIC-insured, lock up your money for a certain period in exchange for a higher interest rate.

You will usually incur penalties if you want to withdraw your money before the end of the CD’s term. This makes CDs better for medium-term savings goals and for money you won’t need in the immediate future.

However, the best CD rates can be higher than rates on money market accounts or high-yield savings accounts, so keeping your money locked up could be worthwhile if you want the best rate. Plus, some CDs have no minimum to get started, so you can deposit as much as you want.

But unlike savings accounts, you often can’t make additional deposits to the account. Thus, they may not be the best choice if you don’t have a lump sum to deposit. Still, the interest rates CDs offer make them a good choice for those with funds to spare.

Comparing and Contrasting Savings Accounts

There are several things to keep in mind when deciding which type of savings account is right for you. Here are something things to keep in mind:

  • Interest rates: If you want to earn a return on your money, interest rates are the first thing to check. High-yield savings accounts, money market accounts and CDs can all offer high-interest rates today, with CDs having some of the highest rates. However, CDs require you to lock up your money for a certain period.
  • Fees: Some banks or credit unions might charge you maintenance fees or a fee if your balance falls below a certain level. These fees can eat into your earnings on the account, so it’s important to keep them in mind.
  • Minimum balance requirements: High-yield savings accounts, money market accounts and CDs can all have a minimum balance requirement to open an account, depending on the bank. Others might require a minimum balance to earn the highest interest rate.
  • Liquidity: The ease of accessing your money may vary depending on the type of account and the bank. For instance, money market accounts and some high-yield savings accounts may allow you to write checks or withdraw money from an ATM. In contrast, CDs usually require you to leave your money alone until the end of the term.

Each type of savings account has its own set of pros and cons. The best choice will depend on your savings goals.

Bottom Line

High-yield savings accounts, money market accounts and CDs can all have competitive interest rates that allow your money to grow. The best CDs offer some of the highest interest rates, but they require you to keep your money locked away to earn the best rate. Thus, it’s important to consider not only the interest rate but also factors like fees, minimum balance requirements and liquidity before deciding which type of savings account is best for you.

Tips for Opening a Savings Account

  • A financial advisor can help you work through your banking needs and put together a plan that works for your unique situation. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • The best savings accounts pay some of the highest rates and often do away with costly fees. See SmartAsset’s list of the best savings accounts to find one that’s right for you.

Photo credits: ©iStock.com/andresr, ©iStock.com/FilippoBacci,  ©iStock.com/Jinda Noipho

Bob Haegele

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Apache is functioning normally

April 24, 2023 by Brett Tams

Some banks are offering bonus cash to consumers who open new accounts. These promotions trail the high-profile failure of several banks in March and the Federal Reserve’s recent rate increases. New banking promotions may provide valuable incentives to new depositors. … Continue reading →

The post Some Banks Are Offering Sign-Up Bonuses to New Clients, But These Perks May Expire Soon appeared first on SmartAsset Blog.

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Understanding How Your Bank Manages Risk

April 21, 2023 by Brett Tams

When you open a checking account or a savings account, you might not be too concerned about the possibility of losing money. After all, bank failures are largely a rarity and when one does occur, the FDIC is there to … Continue reading →

The post Understanding How Your Bank Manages Risk appeared first on SmartAsset Blog.

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Will CD Rates Continue to Go Up in 2023?

April 21, 2023 by Brett Tams

The Federal Reserve hiked interest rates seven times in 2022 in an attempt to combat inflation, a fight that has proved daunting. Continuing its hawkish stance in 2023, the Fed raised rates at the first two Federal Open Market Committee (FOMC) … Continue reading →

The post Will CD Rates Continue to Go Up in 2023? appeared first on SmartAsset Blog.

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How Does Neobanking Work?

April 20, 2023 by Brett Tams

Neobanks offer internet banking services and are created by partnerships between financial tech firms and banks to offer federally insured bank accounts. Do you find yourself wondering what a neobank is and whether it’s a good option for you? We’ll … Continue reading →

The post How Does Neobanking Work? appeared first on SmartAsset Blog.

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Do Checking Accounts Earn Interest?

April 11, 2023 by Brett Tams

Checking accounts are generally intended for short-term deposits and expenses. But some offer interest rates on account balances. When checking accounts offer interest, the rates are generally on the low end. But if you prefer to eke out as much … Continue reading →

The post Do Checking Accounts Earn Interest? appeared first on SmartAsset Blog.

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Differences Between Checking vs. Savings Accounts

April 7, 2023 by Brett Tams

Checking and savings accounts are the two most common financial products. Most Americans use one or both of them. Essentially, a checking account is used to manage your spending money on a day-to-day basis. A savings account, meanwhile, is used … Continue reading →

The post Differences Between Checking vs. Savings Accounts appeared first on SmartAsset Blog.

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What Is a Dormant Bank Account?

April 7, 2023 by Brett Tams

Using multiple bank accounts can be a good way to separate funds for different financial goals. However, if you forget about one of those accounts it could end up falling dormant. A dormant bank account is an account that registers … Continue reading →

The post What Is a Dormant Bank Account? appeared first on SmartAsset Blog.

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What Is Regulation E?

April 6, 2023 by Brett Tams

If you have a bank account, there are certain federal rules in place that are designed to protect your money. Regulation E is one of the most important. This federal regulation governs electronic fund transfers between bank accounts. If your … Continue reading →

The post What Is Regulation E? appeared first on SmartAsset Blog.

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