Bank solvency
I have a checking account in the amount of $246 thousand at Old National, and a savings on the amount of $207 thousand at First Merchants…Two different banks. Yesterday she told me that the money is safe. She did suggest that I move $30 thousand from checking to Chase or Fifth Third. I do have CD’s at Peoples Bank.
Plus I have investments in Mutual Funds and Money Markets.
What do you advise ? Am I safe ?
Terry Says
I don’t know who “she” is — and I can’t quite figure out how much money you have in each bank. But my suggestion is that you open a TreasuryDirect account (click this link for instructions) and move $200,000 from the Old National account into T-bills — half in 3 month bills, and half in 26 week bills.
The interest you earn will drop back into your Old National account. I chose that one to use because you are closest to the insured limit and for no other reason. Once you’ve done that, move $100,000 from First Merchants into your Old National account and use it to buy more Treasury bills. Currently they pay the highest rates with complete safety.
And then you won’t have any reason to even wonder about the safety of your money.
