[dewilson58]

Originally Posted by OrangeBlossomBaby

But I am considering opening a Citizens First account to deposit my social security checks when they start coming in July so - should I just stick with Bank of America?

The question is.................assuming you spend ZERO of your SS check, how long will it take for you to reach $250,000 and be over the FDIC limit??

10 years????, then open a joint account and you can go 20 years.

[manaboutown]

This is interesting. How First Republic's courtship of the wealthy led to meltdown

[fgaba1949]

Originally Posted by OrangeBlossomBaby

All this talk about how it's only accounts in small banks has me wondering: we have Citizens First Bank - there's also Truist, which is pretty small. There's also Vystar.

I don't "invest" in any banks, our annuities are with the Knights of Columbus, which has been and likely will always be stable. As long as there are Catholics, there will be the Knights.

But I am considering opening a Citizens First account to deposit my social security checks when they start coming in July so - should I just stick with Bank of America?

the single safest place in the entire world to put your savings is like a 1 year T note ,,especially right now with the huge interest rate .....

Seriously Not sure why anyone would have money in a bank right now when the T NOTES are paying such a huge amount in interest ,,,,,also remember if you open a lets say a CD 10,000 then you must put in $10,000 ..when you buy a 10,000 T Note you put in less then $10,000 to open it .......and their are small tax advantages for some...

As a retired banker with one of the BIG BANKS
a neighbor in the Villages asked me what to do with 2 year CD paying less then .70 % and has 12 months to go,,,,,my advise dump the CD pay the little penalty and start earning almost 5 % with a 1 year T note ,,

[CoachKandSportsguy]

Originally Posted by OrangeBlossomBaby

It's First Citizens BancShares Inc. which is considered a large bank (one of the biggest in the USA).

Citizens First bank (which is the one I was asking about) is owned by the Morse Family and is exclusive to the Villages and surrounding areas.

OBB:

It was a play on the multiple versions of citizen's bank, as well as the names including First, Second and Third banks. . like so unoriginal and way too similar to each other. . . it was not a serious post. . .

It was very dry humor . . .

[Caymus]

Originally Posted by fgaba1949

the single safest place in the entire world to put your savings is like a 1 year T note ,,especially right now with the huge interest rate .....

Seriously Not sure why anyone would have money in a bank right now when the T NOTES are paying such a huge amount in interest ,,,,,also remember if you open a lets say a CD 10,000 then you must put in $10,000 ..when you buy a 10,000 T Note you put in less then $10,000 to open it .......and their are small tax advantages for some...

As a retired banker with one of the BIG BANKS
a neighbor in the Villages asked me what to do with 2 year CD paying less then .70 % and has 12 months to go,,,,,my advise dump the CD pay the little penalty and start earning almost 5 % with a 1 year T note ,,

Since the issues at SVB, CD's are now yielding higher rates than Treasurys.

[OrangeBlossomBaby]

Originally Posted by fgaba1949

the single safest place in the entire world to put your savings is like a 1 year T note ,,especially right now with the huge interest rate .....

Seriously Not sure why anyone would have money in a bank right now when the T NOTES are paying such a huge amount in interest ,,,,,also remember if you open a lets say a CD 10,000 then you must put in $10,000 ..when you buy a 10,000 T Note you put in less then $10,000 to open it .......and their are small tax advantages for some...

As a retired banker with one of the BIG BANKS
a neighbor in the Villages asked me what to do with 2 year CD paying less then .70 % and has 12 months to go,,,,,my advise dump the CD pay the little penalty and start earning almost 5 % with a 1 year T note ,,

I have no intention of saving this money for any particular length of time. It will go toward "the lifestyle" that we -would- have been enjoying for the past three years, if we had the option of waiting to retire until retirement age but were unable to do that due to a company shut-down up north.

With the increase in income, our health insurance premium will also increase. I'm also in need of a new car (which will still be a used car, but a newer model).

We live within our means. And now, our means will be somewhat more relaxed.

[Pairadocs]

Originally Posted by rustyp

And Bernie Madoff said we are good - no reason to pull out.

Amen to that ! I think Mini Madoff also said something similar about from his Bahama's condo.....speaking from his beloved bean bag chair.

[ithos]

Schwab downgraded

Morgan Stanley Downgrades Charles Schwab for First Time, Slashes Target

[fgaba1949]

Originally Posted by dewilson58

The question is.................assuming you spend ZERO of your SS check, how long will it take for you to reach $250,000 and be over the FDIC limit??

10 years????, then open a joint account and you can go 20 years.

Folks have asked what i would so with nest egg money right now
CDS or ..i would suggest 1 year T Notes ..as nothing is safer
Just saw where Marcus was offering over 5 % for a minimum $500 for 11 months.thats quite a bit for 11 months

[ithos]

Good thing we have analysts to warn of possible trouble with a public company.

CNBC_Last Call
What’s up with Charles Schwab? Stock record worst month since 1987
Access Denied

Charles Schwab Corp (NYSE:SCHW) Analyst recommendations.
SCHW - Charles Schwab Corp Forecast - CNNMoney.com.

[MDFlyer]

Originally Posted by ithos

Good thing we have analysts to warn of possible trouble with a public company.

CNBC_Last Call
What’s up with Charles Schwab? Stock record worst month since 1987
Access Denied

Charles Schwab Corp (NYSE:SCHW) Analyst recommendations.
SCHW - Charles Schwab Corp Forecast - CNNMoney.com.

The big trouble is, with companies like Micheal L. Whitaker and Associates here in The Villages clients have suffered a lot of damage before the truth is known.

[Caymus]

Originally Posted by fgaba1949

Folks have asked what i would so with nest egg money right now
CDS or ..i would suggest 1 year T Notes ..as nothing is safer
Just saw where Marcus was offering over 5 % for a minimum $500 for 11 months.thats quite a bit for 11 months

I remember back in early 2020 when one of my T Bills auto renewed at 0%. Sad thing is that corrected for inflation/taxes it probably had an effective yield higher than today's.

[CoachKandSportsguy]

Originally Posted by fgaba1949

Folks have asked what i would so with nest egg money right now
CDS or ..i would suggest 1 year T Notes ..as nothing is safer
Just saw where Marcus was offering over 5 % for a minimum $500 for 11 months.thats quite a bit for 11 months

So would I however, at some point in the near future, probably this year,
it will be wise to put 20% into equities for the longer term growth, but not risk the entire portfolio.

future former finance guy

[dewilson58]

Originally Posted by CoachKandSportsguy

So would I however, at some point in the near future, probably this year,
it will be wise to put 20% into equities for the longer term growth, but not risk the entire portfolio.

future former finance guy

I've been over 80% in the market for the last 30 years.
Average return over 30 years has been about 10% per year for the S&P.
That includes the losses in 2021 & 2022.

Love the smell of success.

[manaboutown]

Is my bank safe from failing? Warning signs of financial trouble

Even Credit Suisse! Credit Suisse investors slam failures as chairman apologizes

Credit Suisse chairman 'truly sorry' as anger grows