Whether you’ve come into a large financial windfall or you've built wealth through disciplined saving, it’s important to make sure your money is protected from potential failings at your financial institution. Especially in the aftermath of recent bank failures, including both Silicon Valley Bank and Signature Bank's collapse, keeping your savings safe has been at the front of many people's minds.
The Federal Deposit Insurance Corp. (FDIC) insures bank deposits for up to $250,000 per depositor or $500,000 for joint accounts per bank. The National Credit Union Administration (NCUA) — also a federal agency — has a similar program with the same coverage limits that insures deposits in credit unions.
