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Flopcandy OP t1_je2pz9k wrote

Reply to comment by Werewolfdad in [Beginner] In my location, my bank (PNC) has a savings account interest rate of 0.03%. Capital One is 3.4%. American Express is 3.75%. Is there any reason not to switch to one of those? by Flopcandy

Just to be clear: Are all of these banks/CU's safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?

(Just want to make sure none of these are shady + worried after the recent bank failures.)

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dweezil22 t1_je2q8me wrote

> Are all of these banks/CU's safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?

Yes. That's the point. As long as you keep it in an FDIC insured account (for example, a money market account may not be FDIC insured)

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Werewolfdad t1_je2qa9f wrote

> Are all of these banks/CU’s safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?

Yes

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_Llort__ t1_je2xqo9 wrote

Yes, that's exactly what it means. You're FDIC insured up to $250k at any FDIC member institution, which is almost all of them (verify "FDIC" shows up on their website and/or verify with the FDIC directly).

One caveat is that some banks can be a pain in terms of customer service, or charging fees if your below a minimum balance, etc., so read the fine print and do a quick Google search to make sure they're legit, but for the most part you can't go wrong.

Keep in mind it changes over time which banks have the best rates. They tend to advertise a high rate to bring in customers, then lag over time, and hope people don't notice or don't care.

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Dandan0005 t1_je30onw wrote

Yes, FDIC or NCUA (which is the same thing as FDIC but for credit unions) are safe.

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