Online banks, safety, Savings accounts
Hi Terri,
We have a lot of money that we want to keep safe and so we’ve been keeping it in a savings account at a bank, not very high . There are a lot of online banks , like OpenBank, by Santander; Everbank, etc., that offer higher yields on savings or cds; a lot of these are online only , how do we know if they’re a safe place to park the money. At this time we don’t have anything in the market, too nervous. Should we be? We’re in late 70s.. Thank you!
Terry Says
You should NOT chase yield, but stick with Treasury Bills, bought directly from the Treasury at the weekly auctions. Please read this: https://www.terrysavage.com/t-bills-beat-cds-2/
ALL banks have an online component. If you’re putting money in a bank make sure you understand the limitations of FDIC insurance: https://www.fdic.gov/resources/deposit-insurance/financial-products-insured
