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When you’re thinking money market account vs. savings account, note that one of the unique features of a money market account is that you can access funds with a debit card, as well as through an ATM and checks—just like you would with your checking account. It’s important to note ...
rather than stashing it under your mattress. The FDIC says no depositor has lost a single penny of insured money since 1933, when the agency was founded. FDIC coverage automatically kicks in when you open a bank account.
No. You automatically get insurance up to the $250,000 limit when you open an account at a bank that’s FDIC insured. Learn how to insure over $250,000. What happens to my money if my bank collapses? In the rare event that a bank fails, the Federal Deposit Insurance Corp. protects...
When the FDIC is unable to find a member bank willing to assume the failed bank’s deposits, the agency may instead elect to issue checks to affected depositors for their full account balances, plus any interest due, up to the insured limit. In this relatively rare instance, depositors may...
When your deposits are FDIC-insured, that essentially means that the U.S. government is guaranteeing that the money you deposited will be there when you need it. How Does the FDIC Work? When you deposit funds with a bank, you probably assume the money is safe. It won’t be destroyed ...
A competitive interest rate: With a money market account, you’ll earn interest on your account balance. The rate for these accounts is often higher than it would be with a traditional savings account. Peace of mind: Rest easy knowing your savings are FDIC insured. Unlike certain types of ...
Additionally, money market accounts are one of the safest ways to save your money. They’re generally federally insured — by theFederal Deposit Insurance Corporation (FDIC)if your account is with a bank, or by theNational Credit Union Administration (NCUA)if it’s with a credit union. This...
Find out which savings vehicle is a better investment for your needs and financial situation—a money market account (MMA) or a certificate of deposit (CD).
the FDIC does and how it can assist you as a bank customer should help you gain confidence about opening an FDIC-insured bank account. That could include anonline savings account, acashback debit account, acertificate of deposit(CD), amoney market account, anIRA savings account, or anIRA ...