Don't Lose Access to Your Cash: Comparing Banks, Neobanks, and Fintech Platforms for Cash Savings
Money For the Rest of Us
Comparing Banks and FDIC Protection for Cash Savings
This chapter delves into the various cash savings avenues such as Marcus by Goldman Sachs and Ally Bank, illuminating the significance of demand deposits and the vulnerabilities posed by banks facing financial turmoil. It underscores the necessity of FDIC coverage for safeguarding accounts up to $250,000 and stresses the prudence of maintaining balances within the insurance threshold for security in savings.
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