📢 We've launched! Get 15% off our brand-new bond courses thru 11:59PM ET on 4/30/2024 for Financial Literacy Month - enter coupon code bondfans2024 at checkout - see links below for more details! ⭐ Bond Beginners (our foundational-level bond course): www.diamondnestegg.com/bond-beginners ⭐ Bond Masters (our intermediate-level bond course): www.diamondnestegg.com/bond-masters ⭐ Or get both & save $100: www.diamondnestegg.com/home#_paa2isucf ⭐ Join our super-supersaver membership for regular market updates & monthly live member Q&As 👉 ua-cam.com/channels/nexoc6tvesvcCEzZhmI-Ag.htmljoin 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.
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 had the misfortune of having to deal with Bank of America when I became the executor of my friend’s estate. I have never encountered such rotten customer service and dishonesty and F-ing up. I did everything required - I provided the death certificate and the “letters of administration” from the probate court proving I was the executor. They accepted the docs but still would not provide the information I needed to do my executor duties. They were literally abusive to try to cover their mistakes. With the help of an estate lawyer that cost me $12K out of my own pocket, I finally finished everything up and got Bank of America out of my life. At one point, I went to my own bank manager and asked for advice dealing with another bank’s estate department that was refusing to let me see the bank statements and he said, “Bank of America, right?” Keep in mind that if you use Bank of America and you die, their estate department may make your executor’s life a living hell for many months.
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.
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.
@@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.
@@ctjmaughs- We will see. Things can change quickly when they change. Mexicans are bringing their money here because the Mexican government is charging people for having money in the bank on the pretext that they are keeping tabs on and “taxing” possible cartel money. I don’t know if it’s happening everywhere, but it’s happening at least in a few places. I have to pay three dollars a month for an account just to have a paper statement. No interest. Pretty sure they’re making good money off of our account.
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.
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.
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
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
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.
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.
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
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.
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.
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!
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.
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.
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.
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!
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 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.
Navy federal does not participate with the credit union service centers. If you are not in a state where they have a branch you cannot do any major banking.
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.
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?
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.
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.
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.
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.
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.
Hmm, for the 1st time I'm surprised by your advice, specifically about the movement of your and your clients' money to the 8 systemically important banks. Why would this be necessary if you're with an FDIC-insured bank and under the FDIC limits (for which you showed us, in another video, how to get substantially more protection by adding beneficiaries)? Withdrawal of deposits from local and regional banks only further destabilizes the situation for everyone.
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
Please advise: Im with Fidelity and want to move my cash from CU savings account to high yield MM like VFMXX, not FDIC insured, but would they be insured under SIPC? I'm confused about accounts (covered) and funds (not covered). If anyone can shed light I'd very much appreciate! Thanks!
Which US banks are good if you move to another country such as Thailand, Vietnam or the Philippines? I’ve heard that people have problems logging in and get locked out of their accounts for months. One problem is when you login they want to send a verification code to your US phone number. That’s a problem if you no longer have a US phone
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)
How is PNC a regional bank of they have locations across the country? They're in Florida and spread across the country to California and Arizona. I thought regional banks were limited to a few states or one section of the country?
I just read a financial report (2024) which ranked Bank of America, Chase Bank and Wells Fargo as the three worst banks in America. Have you recently updated your list?
Depends on what you are doing with the brokerage or the bank. Bank deposits are like bank deposits at any bank - insured by the FDIC up to the insurance limits, and not insured (and thus risky) in excess of the insurance limits. Mutual funds and securities are insured against theft by SIPC, but depend on the risk of the investment. I think government money market funds are very safe, but in a crisis it might take a little while to get your money out or they might "break the buck," but it's a very low risk.
I have money in g-sibs bank already because it has a branch nearby (I even didn't know it is g-sibs bank. Thank you for the education). However, the rate is very low. So I still have most of my money with other FDIC-insured banks. If unfortunately, something happens, I still have money in the g-sibs bank to use until the FDIC gives my money back. I did that before the SVB bankrupt. Personally, I prefer to have 2 different banks/cards. If one bank card suddenly had some issues, which happened to me before during international traveling, and I still have another.
Hey there, I just discovered your channel. Thank you so much for putting your knowledge out there. Could you please make a video for bank accounts for foreigners who only work in the US for a couple of years (legally)? Until then I will binge-watch all your videos. Thanks again.
most of us are not likely looking into a bank's balance sheet, etc. so as long as our deposits or cds are under fdic max 250k, we should be okay regardless of which bank, right?
I always check the ratings and do research for whatever I purchased, ,i.e., banks, auto/home insurance. Every industry has them. after the SVB, I did look up financials and additional ratings on all my bank accounts, surprised with some findings.
This is a vague question. Ally bank was spun off from General Motors Acceptance Corp, and also runs a brokerage company. I've been using them for years, and have found that they have good service and offer higher rates than most banks. They do not have huge uninsured deposits which are risky for a bank run (see SVB), but they do have rather high unrealized losses on treasuries. But if your deposits are under the insurance limits, there's nothing to worry about.
Wow, thank you for this information. I have been buying high interest rate, FDIC covered cd’s from banks I have never heard of before. I have bought them via my Schwab Brokerage account. Since none of them are on your list of 8 safe banks, do you think these purchases are too risky at this time? Also, how do you rate Schwab bank? Thank you, Warren
@@SpaceClick If there is a contagious run on banks, FDIC may not have sufficient funds to cover every depositor. I understand that the FDIC reserves are only 1.5% of all American deposits. Is there a reasonable risk that FDIC insured deposits will not be covered with a nation wide run?
I like PNC block from my home they give you up to 10 pm to make sure you have enough money in your checking account before they charge you overdraft fee.
📢 We've launched! Get 15% off our brand-new bond courses thru 11:59PM ET on 4/30/2024 for Financial Literacy Month - enter coupon code bondfans2024 at checkout - see links below for more details!
⭐ Bond Beginners (our foundational-level bond course): www.diamondnestegg.com/bond-beginners
⭐ Bond Masters (our intermediate-level bond course): www.diamondnestegg.com/bond-masters
⭐ Or get both & save $100: www.diamondnestegg.com/home#_paa2isucf
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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 had the misfortune of having to deal with Bank of America when I became the executor of my friend’s estate. I have never encountered such rotten customer service and dishonesty and F-ing up. I did everything required - I provided the death certificate and the “letters of administration” from the probate court proving I was the executor. They accepted the docs but still would not provide the information I needed to do my executor duties. They were literally abusive to try to cover their mistakes. With the help of an estate lawyer that cost me $12K out of my own pocket, I finally finished everything up and got Bank of America out of my life.
At one point, I went to my own bank manager and asked for advice dealing with another bank’s estate department that was refusing to let me see the bank statements and he said, “Bank of America, right?”
Keep in mind that if you use Bank of America and you die, their estate department may make your executor’s life a living hell for many months.
BofA is the worst bank
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
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 .
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...
You need to put money in their brokerage account. I’m getting 4.5% now at chase.
@@garypinskerare you referring to the JP Morgan section?
CDs pay okay
Exactly 💯 😢
Charles Schwab was fairly decent
Banking Abroad works Best 👍🏿
Next step: DECENTRALIZED BANKING ONLY
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
@@ctjmaughs- We will see. Things can change quickly when they change. Mexicans are bringing their money here because the Mexican government is charging people for having money in the bank on the pretext that they are keeping tabs on and “taxing” possible cartel money. I don’t know if it’s happening everywhere, but it’s happening at least in a few places. I have to pay three dollars a month for an account just to have a paper statement. No interest. Pretty sure they’re making good money off of our account.
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
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
👍
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
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.
First time watching banks video. Very informative! Thank you
Put any money you have under the mattress. It pays about the same rate of interest banks will pay you.
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.
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
Another impecable and informative video. You are on the roll, thanks for your dedication, Jennifer!
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.
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.
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!
It's essential to choose a bank that prioritizes security, and these 8 options seem like solid choices for peace of mind!
Can you speak on keeping cash in a money market account in a brokerage company like Fidelity?
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.
Thank you for your consistently responsible financial coverage. There are too many YT channels that are fear mongers. Thank you for being you.
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, 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.
Navy Federal Credit Union is my choice, and they are Global ... I would love to hear your thoughts on them.
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.
Navy federal does not participate with the credit union service centers. If you are not in a state where they have a branch you cannot do any major banking.
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.
I only use member owned credit unions.
PNC is listed as a national bank by Investopedia and FDIC. Pretty sure they are now a national bank.
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?
How safe is Ally online bank? They have higher CD rates!
Thank you so much for this video. It was very helpful and informative
This is a good topic to stay on for future casts
Thank you for teaching this. No where else this information is shared
I was wondering what do you think about TD bank as they are Canadian. Thanks....
Extremely helpful, thank you for hard work!
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.
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".
I think it’s good to spread your money to different banks, big bank, local 👍
Great insight as always!
I just adore your style and knowledge!
Do you have video on credit unions pros & cons. Thanks for this video excellent information.
Stay tuned!
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.
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.
How safe are the credit unions?
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!
The best explanation of the bank, thanks.
Thanks, I appreciate the explanation of G-Sib banks.
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!
Hmm, for the 1st time I'm surprised by your advice, specifically about the movement of your and your clients' money to the 8 systemically important banks. Why would this be necessary if you're with an FDIC-insured bank and under the FDIC limits (for which you showed us, in another video, how to get substantially more protection by adding beneficiaries)? Withdrawal of deposits from local and regional banks only further destabilizes the situation for everyone.
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.
Thank you for that valuable information.👍🏿
Great video rich with usable information 👌🏾🤑
Where is USBank ion lists?
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.
Was there supposed to be a link to the document you referred somewhere here? I couldn’t find one..
This is amazing. Thank you, I subbed. 😃🙏💯💰
THANK YOU FOR YOUR HELP
Great information. Thank you so much. Please continue to inform us all with you wealth of financial wisdom. God bless you and your family
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!
I bank at a single local COMMUNITY bank. Left the big banks because they DON'T CARE.
That was helpful as l have concerns about my bank at this time.
Please advise: Im with Fidelity and want to move my cash from CU savings account to high yield MM like VFMXX, not FDIC insured, but would they be insured under SIPC? I'm confused about accounts (covered) and funds (not covered). If anyone can shed light I'd very much appreciate! Thanks!
Reportedly FDIC has enuf funds for all accounts covered to pay out one cent per dollar in an insured downturn.
Which US banks are good if you move to another country such as Thailand, Vietnam or the Philippines? I’ve heard that people have problems logging in and get locked out of their accounts for months. One problem is when you login they want to send a verification code to your US phone number. That’s a problem if you no longer have a US phone
Good to see a SENSIBLE address on this topic - not panic. Thank you for your energy looking into this.
So it is not safer to use Federal Credit Union or Regional Credit Union?
Are credit Unions safer than banks
Is Your Credit Union Safe? | How NCUA Insurance Protects Your Money
ua-cam.com/video/snExLuqo0lg/v-deo.html
Excellent video. Succinct and sane. Thanks for a very helpful video..
Great information! Thanks again!
Would you recommend that the lottery winners put their money in the money products?
How secure are credit unions?
Stay tuned - working on this one
@@DiamondNestEgg thank you !! I am learning a lot from your channel. I appreciate you and your knowledge!!
You always have great content but Time Stamps would be helpful. Thx!
The only reason I joined a credit union was to be able to get cash when I need it.
Are CDs considered cash in the $250K limit, or is it just real liquid cash??? Thanks.
Yes, bank CDs are insured just like any other deposits up to the insurance limits. They may cash them out early if the institution failed.
@@glgermain okay, thank you.
Thank you. So helpful and clear!
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)
How is PNC a regional bank of they have locations across the country? They're in Florida and spread across the country to California and Arizona. I thought regional banks were limited to a few states or one section of the country?
I just read a financial report (2024) which ranked Bank of America, Chase Bank and Wells Fargo as the three worst banks in America. Have you recently updated your list?
Don’t the safest banks pay the worst interest rates?
Are these banks high in derivatives? Do these banks have greater exposure to derivatives. Are the banks at greater risk.
Thank you for the video, very informative. Take care.
Do you think Capital One 360 is good? I have a CD with Capital One and also American Express.
it is.
Thanks Jennifer!
What about Brokerages with banks attached to them ( Schwab, TD Ameritrade.. etc... )
Depends on what you are doing with the brokerage or the bank. Bank deposits are like bank deposits at any bank - insured by the FDIC up to the insurance limits, and not insured (and thus risky) in excess of the insurance limits. Mutual funds and securities are insured against theft by SIPC, but depend on the risk of the investment. I think government money market funds are very safe, but in a crisis it might take a little while to get your money out or they might "break the buck," but it's a very low risk.
Just to let you TD Ameritrade is no more since lot of the accounts went to Charles Schwab.
Very thorough and helpful. Thanks again.
Thanks for the great content. I really needed to know this information but didn't realize it :).
What about Fidelity Bank
Good information
Does the money safe in Certificate of Deposit?
I have money in g-sibs bank already because it has a branch nearby (I even didn't know it is g-sibs bank. Thank you for the education). However, the rate is very low. So I still have most of my money with other FDIC-insured banks. If unfortunately, something happens, I still have money in the g-sibs bank to use until the FDIC gives my money back. I did that before the SVB bankrupt. Personally, I prefer to have 2 different banks/cards. If one bank card suddenly had some issues, which happened to me before during international traveling, and I still have another.
Thanks for sharing
Thank you. 👍
Hey there, I just discovered your channel. Thank you so much for putting your knowledge out there. Could you please make a video for bank accounts for foreigners who only work in the US for a couple of years (legally)? Until then I will binge-watch all your videos. Thanks again.
Capital One is not online bank. There is like 3 Capital One bank actual, physical BUILDINGS in my area.
Do you recommend this bank? I need to open an account for my new job.
@@TETZ58
Yes. It pays 4.3% interest on your savings account.
Need to talk about NCUA for credit unions
most of us are not likely looking into a bank's balance sheet, etc. so as long as our deposits or cds are under fdic max 250k, we should be okay regardless of which bank, right?
Right
I always check the ratings and do research for whatever I purchased, ,i.e., banks, auto/home insurance. Every industry has them. after the SVB, I did look up financials and additional ratings on all my bank accounts, surprised with some findings.
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
Thoughts on Ally bank?
This is a vague question. Ally bank was spun off from General Motors Acceptance Corp, and also runs a brokerage company. I've been using them for years, and have found that they have good service and offer higher rates than most banks. They do not have huge uninsured deposits which are risky for a bank run (see SVB), but they do have rather high unrealized losses on treasuries. But if your deposits are under the insurance limits, there's nothing to worry about.
It will probably go under. They are holding too many sub prime auto loans.
Wow, thank you for this information. I have been buying high interest rate, FDIC covered cd’s from banks I have never heard of before. I have bought them via my Schwab Brokerage account. Since none of them are on your list of 8 safe banks, do you think these purchases are too risky at this time? Also, how do you rate Schwab bank?
Thank you, Warren
I done the same through TD Ameritrade, and Fidelity
They are all FDIC insured, as you said. Not worried about it.
If they are FDIC insured banks and under the FDIC limit, then you should be fine.
@@SpaceClick If there is a contagious run on banks, FDIC may not have sufficient funds to cover every depositor. I understand that the FDIC reserves are only 1.5% of all American deposits. Is there a reasonable risk that FDIC insured deposits will not be covered with a nation wide run?
I have done the same as you have and I am not worried about it. I bought a lot of different CDs from various banks and am under 250K with each CD.
@@goatsuukerhill you answered your own question
I like PNC block from my home they give you up to 10 pm to make sure you have enough money in your checking account before they charge you overdraft fee.
Any suggestions on CD from Marcus Goldman Sacs
Just published: ua-cam.com/video/CrTzUGzASOU/v-deo.html
What about parking some cash at a brokerage like Fidelity and earn better interest than Chase? How safe is the money there?
It depends on what you buy from Fidelity. Are you talking about a money market fund?
@@glgermain Yes, I believe they sweep any cash balance in the account into a Money Market fund and it currently pays over 4.13%