Quote:
Originally Posted by Cuervo
I'm not sure why you are married to a brick-and-mortar bank.
There are online banks and credit unions that are offering 5%+.
Most of the online banks are FDIC insured and the credit union's NUCA insured both for $250K just like your local banks.
I have money in an online bank, saving and checking, plus I do have a local brick and mortar bank just in cash I need fast cash.
I don't really find any difference accept it's easier to shift money around with online banking.
But no matter where and how you store your money you do have to keep your eye on what they are paying you for the use of your money.
If you don't like what they are offering move on.
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This may sound like overthinking it, but how do you know an online bank is actually FDIC insured? I know you can check with the FDIC and match the bank name with their FDIC insured list. But, I would hesitate to send a large amount of money to a "so called" bank who only has a website and says they are FDIC insured. There are lots of scams on the Internet.