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Safest Bank To Put Your Money In
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World's Best Banks 2022
Before you hand over your hard-earned money to the bank for safekeeping, you want to know that the bank is safe. While there is no one thing that defines the safest bank, there is a set of characteristics that can help classify a safe bank.
Here, we'll give you tools to help you identify safe banks and introduce you to some of the safest banks in the US, as well as some banking products to consider.
In no particular order, here are the qualities to look for the next time you're trying to find the best bank for a new bank account:
Each of these banks waives the verification fee as long as the customer meets a certain threshold. For example, for one bank it might be a minimum balance, while for another, anyone over the age of 65 is eligible for free banking. As the criteria change over time, before you apply for an account, ask your bank about its free checking rules. It's not a good idea to pay bank fees if there is a way around it.
World's Safest Banks 2022
Imagine you have a bank savings account with an FDIC insurance limit of $250,000. If the bank fails, up to $250,000 of the funds in the account will be protected -- the FDIC will make sure you get the money deposited in your savings account, up to $250,000.
While the above are our picks for the safest banks in the US, they don't have much in the way of benefits. You may be wondering if it is possible to find a secure bank that also offers a high API.
The good news: One of the most important features of a safe bank is FDIC insurance. If the bank is FDIC insured, your deposit up to $250,000 is safe - even if the bank fails. And many high-yield savings accounts have FDIC insurance.
All of the banks below have FDIC insurance to protect your deposits. Although we believe that they are all very safe banks, if they fail, your money is insured. In addition, they all offer attractive rates on their savings accounts. Which makes them great for keeping your money safe, with good returns.
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If you need a savings account and want to earn interest on your money, here are our recommendations for the best FDIC-insured savings accounts.
Circle the letter I in it. Our rating is based on a 5-star scale. 5 stars is the best. 4 stars is excellent. 3 stars is good. 2 stars is fair. 1 star is poor. We want your money to work harder for you. Because of this, our evaluation is biased towards offers that provide variety while reducing the cost to pay. = Best = Excellent = Good = Decent = Poor 5.00/5
Circle the letter I in it. Our rating is based on a 5-star scale. 5 stars is the best. 4 stars is excellent. 3 stars is good. 2 stars is fair. 1 star is poor. We want your money to work harder for you. Because of this, our evaluation is biased towards offers that provide variety while reducing the cost to pay. = Best = Excellent = Good = Decent = Poor 4.50/5
Sometimes you may hear someone say that credit unions are "safer" than banks (or vice versa). The reality is that a financial institution is only as safe as its security measures. Just like safe banks are insured by the FDIC, safe credit unions are insured by the government-backed National Credit Union Administration (NCUA). The bottom line is not whether the bank or credit union holds your money. How serious the institution is in protecting your funds.
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Although bank failures are extremely rare, 73 bank failures have been reported in the past decade. There are laws to make banks safer, but we as consumers still play a role. Before we put our money anywhere, we need to do our due diligence to make sure the bank has enough security to give us a good night's rest.
Finding the best bank involves a delicate balance of security and functionality. You can use the safest bank on the planet, but if it doesn't offer the kind of service you need, you probably won't be happy. On the other hand, a bank that offers everything is worthless if it cannot keep your deposits safe.
Before looking for a new bank, make a list of what you want to find. Do you want a bank branch close to your home or do you prefer to bank entirely online? Is the number of ATMs important? Once you have compiled your list, compare with these banks to determine which one offers the service that best suits your needs.
Dana George holds a Bachelor's Degree in Management and Organizational Development from Spring Arbor University. He has been writing and reporting on business and finance for over 25 years, and is still passionate about his work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And while he thinks oranges don't appeal to most people, he thinks they'll really enjoy champagne.
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We strongly believe in the Golden Rule, which is why editorial opinions are solely ours and have never been reviewed, verified or approved by the advertisers involved. Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool's editorial content and is created by a different team of analysts.
Ascent is a Motley Fool service that rates and reviews essential products for your everyday money needs. Written by Libby Wells Written by Libby WellsArrow Right Contributing writer Libby Wells covers banking and deposit products. He has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications. Libby Wells
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Editor Nell McPherson Editor Nell McPhersonArrow Senior Banking Editor Nell McPherson is the banking editor at , where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking, CD and money market accounts. Connect with Nell McPherson on LinkedIn Linkedin Nell McPherson
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