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NerdWallet's Smart Money Podcast
Online Banking vs Neobanks: Understand FDIC Safety and Protect Your Money
Nov 18, 2024
Spencer Tierney, a banking expert at NerdWallet with nearly a decade of experience, dives into the complexities of online banking and neobanks. He clarifies the crucial differences between traditional banks and neobanks, emphasizing FDIC insurance's role in safeguarding deposits. The conversation highlights recent vulnerabilities in the neobanking sector, particularly in light of Synapse's bankruptcy, raising awareness about potential risks and protections for consumers. Also discussed are practical tips for affordable holiday hosting, linking festive spending to overall financial health.
26:57
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Quick takeaways
- Organizing a potluck for holiday gatherings can significantly reduce costs while fostering community among guests through shared dishes.
- Understanding the differences between neobanks and traditional banks is crucial, particularly regarding the safety of FDIC insurance for your deposits.
Deep dives
Embracing Budget-Friendly Holiday Hosting
Hosting a holiday gathering can be costly and labor-intensive, but there are effective strategies to manage expenses. One recommended approach is to organize a potluck, where the host prepares the main dish while guests contribute sides and desserts, easing both the financial and physical burden. This not only diversifies the menu but also fosters a sense of community as each guest shares their favorite recipes. Another vital tip for those with overnight guests is to budget for additional food, especially for teenagers who tend to eat more, and it’s important to set boundaries around hosting to maintain comfort and control over expenses.
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