8 Safest Banks To Bank With In The US (banks to keep your money in during a financial crisis)
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- Опубліковано 22 бер 2023
- Our personal list of the top 8 "safest" banks to bank within the US & why. Here's what I'll be covering in today's video:
- The four different types of “banks” our supersaver community uses
- Some of the key ways industry analysts determine the “health” of a bank &
- How & why we chose these 8 banks to keep your money during a financial crisis
- Which bank we moved our business & personal accounts to this week &
- What is a G-SIB (global systemically important bank), how is a G-SIB different than Silicon Valley Bank & why might a G-SIB be safer than a non-GSIB/ bank like SVB?
Plus a bonus safe tip #9 at the very end for those of you who are still concerned about the state of the banking industry at the moment.
SOURCES:
www.fsb.org/wp-content/upload...
fortune.com/2023/03/10/silico...
www.federalreserve.gov/releas...
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Thanks for visiting our personal finance channel! We hope this free content will help fast-track your financial journey! Everyone's financial journey is different. Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances.
Are you still keeping most of your money in a brokerage? Are you going to continue to buy bonds or can you buy stocks & bonds with a Chase account? Would that be any safer than a Fidelity account?
@@JC-li8kk If Fidelity, Schwab, etc., start going under, it won't make ANY difference where you hold your assets. The system will collapse. Over and done.
Just put your money ina checking account or savings account the the irs doesn't touch it
Hi, I am a first time viewer and glad this was in my feed. Being a neophyte I am researching all that I can to become more informed about what’s going on and how to maneuver through it all. I have subscribed and look forward to more of your content. Thank you for sharing.
Have you done a review of the safety on on-line banks yet? I looked but could not find one. I have been using ALLY off and on for some time, but with the economic environment want to be sure I am positioned as safely as I can while earning come interest income. Thanks
I used to keep my money in Bank of America until they started with the $25 a month fee on a checking account with a lower balance. And then they started charging five dollars a month fee on a savings account with a low balance. I told my husband if I only had $300 in the checking account in six months if I never touched that money, the fees would eat that $300…that is when I closed that account.
I want to recommend that we support our small local "Banks". Make sure you are not over the FDIC limits. Also make sure you have liquid assets available from more than one "Bank". The big "Banks" already have a huge control of the "Banking" system. If too many people started emptying out their local "Bank" accounts, this run on the "Banks" would create unnecessary "Bank" failures.
My exact thought.
Left Chase when they got rid of all the tellers. These were people who lived in the neighborhood.Young kids working their way through college. People who knew customers names and cared.
AGREE.
@@Thisishard2333 I DON'T BLAME YOU FOR DUMPING CHASE FOR THE REASONS YOU'VE GIVEN AND THEN SOME. THEY ARE AWFUL. AND IT'S MORE THAN HEARTBREAKING WHEN THEY TREAT THEIR EMPLOYEES BADLY.
Why would you trust the FDIC
Chase doesn’t pay any interest. Big banks are the WORST.
Chase has a long, shady history.... They, historically, have been profitable for themselves at any cost to others...
The flight to large banks for safety will lead to less competition and higher costs for depositors.
Yep
Seems logical.
It will not lead to higher costs for deposits
Another impecable and informative video. You are on the roll, thanks for your dedication, Jennifer!
The timing of your FDIC/SIPC series was eerily well timed. Thank you 👍🏻
*Spaxx* is SIPC insured and Fidelity is huge - should be safe right?
Dear Willing I will wait for a reply.@@WillingNAbelVids
The last straw in my relationship with Bank of America came when I went to my branch to get some answers from a person, face-to-face. The teller sat me down in front of her desk, picked up a phone, dialed a number, and handed me the receiver. I handed it back to her, walked out of the branch, and transferred my holdings later that week. That was several years ago, and I've been a happy Chase customer ever since.
Thanks for sharing
I think it all depends on location and the quality of employees they're hiring at that location. In my town we have a Chase, Wells Fargo, and PNC and PNC has by far a better reputation than the other two. Chase is straight up telling people you can't even meet with a banker to ask a question without making an appointment two weeks out or more yet PNC will help you that day with the same issue.
Chase is absolutely nothing special, they definitely have some security issues.
I have been banking with Bank of America for the past 20 years. From Texas to Maryland. No problems encountered whatsoever. My credit score is above 800. Chase for the past several years keeps sending me mailers trying to convince me to transfer my account to Chase but I am not interested.
15 plus years ago BOA reversed payment on a smaller check then a deposit then ran a bigger check, putting me in a negative then ran the deposit then the smaller check causing it to bounce too. The teller explained this to me step by step. I closed my account that day & never looked back
First time watching banks video. Very informative! Thank you
Extremely helpful, thank you for hard work!
Wow! You are so awesome! I did a ton of research myself over the last 2 weeks, with a preference/bias towards supporting local and regional banks. Your research is so well structured and rational I will for sure take it into consideration. We are so fortunate to have you sharing your experience and knowledge with us!!! Thank you for all that you are doing!
I do not trust banks. We use a Credit Union. They are like family. We trust them.
Amen
Exactly!
I know nothing about credit unions. Can you tell me why?
My credit union is paying.05% loan rate 8%, I'm shopping.
Still Favor
My Piggy .
I really appreciate your channel. I was just wondering about this yesterday as I looked at the offers of CD on Schwab. I also love your charts you provide. I screen shoot them for further reference. Keep em coming.
Very thorough and helpful. Thanks again.
I just adore your style and knowledge!
Thank you so much for this video. It was very helpful and informative
Great insight as always!
Thank you for teaching this. No where else this information is shared
Thank you so much for sharing your knowledge ❤
Love your channel...thank you for the great informative videos!
Thank you. So helpful and clear!
If everyone moved their money from regional banks to the "g-sibs", our country would be in big trouble. The regional banks play a crucial role in the U.S. economy that the g-sibs can't replace.
Agree.
Yup. I think the GSIBS act like they are unaccountable to the regular people. Local banks have connection to the community they operate in.
Thanks for the great content. I really needed to know this information but didn't realize it :).
This content is legit - and rather apocalyptic. I'm VERY comfortable parking cash in my local bank's 4.5% money market account (FDIC-insured) vs. Chase at 0.02% APY.
L
Which local bank may I ask?
@@MrFreddarama Probably the Bank of BS. Capital One in January was running a 4% CD rate.
That is fine as long as you keep your total of accounts bellow the FDIC Maximum - but if you have more than that in a bank - Local Banks are not safe. They are currently under water for lots of Mortgages they gave out below 4% and do not have enough money to protect themselves.
That Chase, et al, can offer 0.02% APY AND get away with it, shows how corrupt these giant banks are.
Excellent presentation! Beautifully structured, clear, concise, and informative. I never knew about G-SIPS. I just subscribed and I'm off to watch your videos on "Bail-Ins" and the "5 To-Dos". Thank you for the insight.
Thank you again for your powerful advice! You are an amazing resource for those who are interested in your expertise! Wow!
Great information! Thanks again!
Thanks, I appreciate the explanation of G-Sib banks.
Thank you for the video, very informative. Take care.
You are so good at explaining very complex issues. I worry that taking your money out of local community banks will put them out of business when they would have survived if there was not a run on them. Think about which bank actually invests in your community as well as the points you raise. Thank you
Thanks for sharing Nancy
👍
THANK YOU FOR YOUR HELP
Thanks, Jennifer. Another wealth of information to ponder on. So many decisions...overwhelming.
Hopefully I’ll have something out soon to make things a bit less overwhelming!
Love your videos, thanks for what you r doing, subscribed.
Great video rich with usable information 👌🏾🤑
Great information. Thank you so much. Please continue to inform us all with you wealth of financial wisdom. God bless you and your family
This is amazing. Thank you, I subbed. 😃🙏💯💰
Thank you for that valuable information.👍🏿
Excellent video. Succinct and sane. Thanks for a very helpful video..
Appreciate the insight on the safest banks in the US during uncertain times. Knowing where to trust with our hard-earned money is crucial, especially in times of financial crisis. Thanks for the valuable recommendations!
Thank you for your consistently responsible financial coverage. There are too many YT channels that are fear mongers. Thank you for being you.
Put any money you have under the mattress. It pays about the same rate of interest banks will pay you.
Jennifer thank yuo fantastic, and productive information❤
That was helpful as l have concerns about my bank at this time.
Thank you so much for this video (also 1st!).
I'd love to see a video like this about credit unions :) I prefer non-profits
A lot of people seem to like Navy Federal Credit Union and you don't have to have been in the Navy yourself but as long as you have a blood relative like your father was in the military then you can get in
The problem is they don't have a lot of locations but once you do your initial banking with them and get set up with them then they give you a list and tell you where the local ATMs are a marriage can be anything from convenience stores and gas stations to drugstores near you
So you realize that they don’t pay any taxes, and that to not show a profit they just buy real estate and put up more branches. They certainly aren’t contributing their fair share in taxes, don’t get why someone thinks that’s great.
If you are interested in the credit worthy accounts of credit unions find there charter number and log on to the NCUA INSURANCE COMPANY AND YOU CAN FIND THERE PROFIT AND LOSS STATEMENTS. THEY ARE QUITE LANGLEY BUT VARY INFORMITIVE IF THEY HAVE NOT COOKED THE BOOKS.
Don't wait on a video. Go to your closest FDIC insured Credit Union. They are all nonprofits, so you will be happy.
Do a bit of research into the corporate behavior of the liars and thieves at the 3 big banks she lists: B of A, Wells Fargo and Chase. Stay away their profits are too high for what they charge for loans.
And to our moderator, you should be ashamed of pushing these big banks. They exist for themselves, not the depositor or loan customer
The best explanation of the bank, thanks.
Excellent video.
Thanks for the insight on the G-SIBs! I noticed the PDF you linked to shows another bucket, Bucket 5. It is currently unoccupied. I wonder how close JPM Chase is that level or if it's even important.
And congrats on transferring your accounts to JPM Chase! Jaime Dimon has seemingly made a fortress out of that bank. I've always admired him as CEO and business manager. Bank of America cleaned up well after the GFC and is good place to park your money too.
I bank at a single local COMMUNITY bank. Left the big banks because they DON'T CARE.
Absolutely right.
This is exactly how I rank them and I didn’t know about the ratings site.
Split your funds in multiple banks like chase BOA and some credit unions.
Nice well conveyed information about banks. I have been using Credit Unions since the Savings and Loan meltdown. They are the real community banks.
I keep a couple of grand in small bills at home. After an ice storm knocked out power for a couple of weeks, cash was king. No electronic transactions could be made. Gas stations and stores had large back up generators. My cash came in handy. I ate well and could get fuel to get to my work in another of the county.
I needed this video. I've never heard of G-SIBs before this. As it turns out I'm happy to know I've had my dough in the top G-SIB for years. And for years have thought about moving it, especially the past week. But now it's staying put where it is and I feel so much better knowing about G-SIBs. Thanks.
I haven't heard of G-SIBs either. But I knew from common sense that these national banks are just too big to fail. The government will have no choice but to bail them out.
Enjoy your videos. Such a wealth of information! Thank you!!!!!!!!!!
I am a person that trust very little people. You have more than earned it already in two videos. Thank you
Super important video! I learned that American Express (I'm interested in their HYSA) is a D-SIB and not a G-SIB. Please do a video on D-SIBs.
14,500 views In 8 hours, congrats, looking forward to your next one
Good to see a SENSIBLE address on this topic - not panic. Thank you for your energy looking into this.
Thanks Jennifer!
I love your videos. Videos always have lot useful information I didn't know. Looking forward to more videos. Thank you!
Good information
JL, your content is great; you give us some very important information. Thanks to your info I bought a $10,000 i-bond in 12/21 and another one in 01/22. I now have a brokered-cd ladder at Fidelity and I'm looking at t-bills next. Thanks for all you do.
Glad you’re enjoying the vids & good luck!
Thank you 💰🕊
Thank you for your content! Love it! If I may ask you to make a video on floating rate notes vs other money market funds, like fdlxx, fdnxx etc
What about Leaman Brothers
It's essential to choose a bank that prioritizes security, and these 8 options seem like solid choices for peace of mind!
Jennifer I really appreciate your work and I love your videos
Would you please produce a video on how to read
a bank statement report ❓
If you really want to keep your money safe, use an investment bank. They won't finance tour next car, but you can have a checking and savings account that is totally safe, plus be able to occasionally purchase a few shares of your favorite company. I recommend Fidelity. It won't hurt to look into it.
Support your "local" Credit Unions.
They invest locally and you get to keep the money away from the New York criminals 😀👍
I have 2 credit unions absolutely love them
Thanks!
I think it’s good to spread your money to different banks, big bank, local 👍
great video. thanks for your job. like
Thank you. 👍
Thanks for the info, what about D-Sibs? Are they also fairly safe?
Your the best
Thank you for explaining everything in a way that anyone can understand
Thanks for the information! And I love that collection of Dudens on the bookshelves. 😀
Who remembers the days when if you opened a bank account you might get a free toaster?
Thanks for the great video. Could you let me know how you would rank First Horizon Bank?
Banking with Fidelity, I've noticed direct deposits are available the day before they are due. The bank I used before, the deposits were available the day after they were due.
Thank you so much for sharing. Trying not to be frightened, however these are very uncertain times. ❤
Glad you enjoyed the video
Good stuff
another great video Jennifer! WRT to the C of I Treasury Direct option, i find that option no better than holding cold hard cash nearby. Indeed, holding some cash close by makes a lot of sense to me.
Glad you enjoyed the video & thanks for sharing!
Agreed. I would rather put the cash in a safe deposit box. Are items in these boxes safe from a bankruptcy, do you know?
my Google research suggests that your assets in a safety deposit box should a bank become insolvent are safe, but they could be held hostage for a period of time until the bank insolvency in bankruptcy is resolved with the FDIC. when the bank goes bankrupt, it ceases operations and the FDIC takes control of the assets.
@@Zues64 Thanks!
Thank you very much much
First off, I want to Thank You for your series on buying T Bills. I have now purchased 3 T Bills in my Roth account. I am considering buying T Bills from Treasury Direct as well. Just haven't done it yet. I doubt that I would ever consider a COI,
No interest? That is exactly what I have in a COI. You might as well keep cash. Thanks again, you are awesome, and I wouldn't mind getting stuck behind you at a bank, (I'm not much for shopping though lol)
Great video Jen, could you make a video on how we average folks can determine the health of a bank? What websites do we go to, what data do we look for etc thanks Don
Noted!
The issue with the largest banks is that their liability exceeds the capacity of FDIC assets. When these banks default there is uncertainty to the government’s ability to bail them out (the government itself is on the verge of failure).
A smaller bank failure will quickly result in a bailout by the FDIC in order to maintain public confidence.
Navy Federal Credit Union is my choice, and they are Global ... I would love to hear your thoughts on them.
The generation of my grandparents and their parents grew up in the depression and during the war they used cash and never trusted the corporate world.
I have navy fed, and I am totally unimpressed with their interest rates. They are ridiculously low in this environment, seriously low like not Even one percent. Like fractional percent. Meanwhile, all of my Capital One accounts pay over 4.25%. And I don’t even need to go to customer service to create additional savings accounts. I can do all of that online so I have accounts like emergency savings, vacation, funds, etc., and I’m making 4.25% on all of that money which is a big deal when you have 20 or 30 K in the bank. But I still keep navy fed because Capital One doesn’t have any branches where I live in while I can do most stuff electronically there are sometimes I need to visit a physical branch and so that is what I use Navy fed for But I keep the minimum in my account to avoid service charges.
Informative video. Thank you!👍
PNC is listed as a national bank by Investopedia and FDIC. Pretty sure they are now a national bank.
Quite the conundrum for those who are really worried about their smaller bank failing, have no faith in the government, and are morally opposed to the too big to fail banks.
As all my banks are FDIC and I don't have anything close to $250k in any single bank, this is all a tempest in a teapot to me. If capitalism is going to collapse it won't matter where my money is, I'll just be as poor as those poor souls who survive paycheck to paycheck with less than $1,000 in their personal checking.
All banks are insolvent and your deposits are worthless if the US government fails.
40 years of bashing the government for the masses has worked.
Hi Jennifer, Thanks so much for sharing your expertise and knowledge with us. I have researched a lot of things because of you bringing awareness to the community. Is there a way that you can do a video on Credit Unions and where to find information about which one is safe? I stop using banks 10 years ago because credit unions offered higher rates for checking, money market and savings accounts.
It's in the works as we speak
@@DiamondNestEgg THANK YOU FOR THE INFO YOU PROVIDE FOR US. IT'S SO NICE TO RECEIVE SOLID INFORMATION FROM ONE "IN THE KNOW".
Jennifer, Thanks for the very informative video. Aside from the balance sheet, what other reports are available to review the health of a credit union?
You can download all their financials from EDGAR if they are publicly-traded
Hello, like your video. How much in % do you have in cash vs T-Bill and I-bond? Do you also have a breakdown of your portfolio % stock % bond % annuity? and would like to know what you think about index vs MTF or stock picking?
Thanks.
Thanks so much for a valuable video! How’s about Sterling Bank and Trust?
You're welcome. Sterling is not a G-SIB.
@@DiamondNestEggthanks for your response! Whats G-SIB?
Thank you. Awesome info. Do you have a list or a video on safest brokers, many of us use stock brokers to invest and park our money.
Thanks for hope in all this scary government reports. Greatly appreciated.
Hi Jennifer, could you do a list of top 5 online only banks with good customer service. Savings rates are better with online banks. Thank you for everything!
Agree, would love to see Jennifer's comments on online only banks.
Chase, Wells Fargo, and Bank of America seems to have the most branches in Texas I notice. Like one branch every few miles. Then there's the Walmart bank (Wood Forest National Bank) which has great hours and very convenient. I don't know how "healthy" they are but it appears very convenient for a lot of people.
not to worry too much if your relationship with any bank is within the USD250K guarantee through government FDIC insurance. kinda ironic that government or people’s money is the one used to guarantee the banking people from any possible adverse effects of shortcomings of banksters.
I USE WOODFOREST AND THEY HAVE BEEN A GREAT BANK. FOR. 10 YEARS NOW.
Can you speak on keeping cash in a money market account in a brokerage company like Fidelity?
Do you have video on credit unions pros & cons. Thanks for this video excellent information.
Stay tuned!
Totally off topic. But your bookshelf is awesome
Treasury Direct is the best option, a bit slow, but very safe.
You're not the only supersaver that thinks this!
Here's one supersaver who disagrees. Clunky website, often shut down, terrible customer service by phone (hours to get through) and no safer than any other account backed by the full faith and credit of the United States Government. It's the only option for I-bond purchases, but otherwise why would anyone want to use them and earn zero percent?
Would you be able to explain to me how to add a beneficiary to existing treasury bills? I can't seem to figure that out.
Where the billionaires bank their money?
I currently have a lot of money in my local credit union
Providian Credit Union here in Alameda
being able to understand their bank cash flow statement would be great 👍