After the recent collapse of Silicon Valley Bank – one of the largest financial institutions in the U.S. – you might be asking yourself, “is your money safe in your bank account?” The simple answer, for most of us, is yes, thanks to the Federal Deposit Insurance Corp.’s (FDIC) standard insurance covering up to $250,000 per depositor, per bank, for every account ownership category for deposit accounts like savings, checking, and certificates of deposit (CDs).
Still unsure what that means or want to know if you’re affected or protected? Here’s what to know about FDIC insurance:
