Your money is generally safe in a bank as long as it is insured by a government-backed deposit insurance scheme. In most countries, banks are required by law to be members of a deposit insurance scheme that protects depositors in the event of a bank failure.
With the recent news regarding the collapse of Silicon Valley Bank (SVB), we wanted to break things down.
Money market accounts (MMAs) offer several benefits to savers and investors.
Choosing where to keep money is a big decision. Luckily, technology has brought with it lots of competition benefitting you, the consumer. Banks can differ significantly in their offerings, services, and charges, so looking at several and comparing features becomes key. Similar to buying groceries, knick-knacks, and even cars, comparison shopping is crucial to obtaining the best value and features. Here are three reasons why choosing a bank this way is so important.
Not long ago, people only transacted with their banks in person, driving to the bank to deposit and withdraw cash. Waiting in line at the bank was the norm, but not anymore. Online banking has become the go-to way to manage money, but many institutions popping up have no brick-and-mortar counterparts. So, are they safe?