![]() The FDIC also shows the bank’s history, including if it merged with or acquired another bank, and every time it changed it’s name.Īlways make sure that your information is protected online and use strong personal security measures to protect your information. The FDIC’s BankFind tool can help you determine whether a bank you’re considering is insured, closed, or will be closing soon. The FDIC insures deposits up to $250,000 per account type to protect your money in cases of theft or a bank failure. Especially with the volume of new online banks as their services grow more popular, FDIC insurance is a necessary protection for your account balances. Smaller banks can have a risk of bankruptcy, Northrup says. Look for the FDIC or NCUA logo on the bank’s website. If you bank with a credit union, it should have NCUA (National Credit Union Administration) insurance. The first step in choosing any bank is making sure your deposits are insured by the FDIC (Federal Deposit Insurance Corporation). Here’s how to make sure any bank you choose - whether an online bank you’re unfamiliar with or your local credit union - is a trustworthy financial institution, and some benefits of banking online, according to experts. Like NextAdvisor, Bankrate is owned by Red Ventures. So the fact that you have not heard of them is not unexpected,” says Greg McBride, CFA, chief financial analyst at Bankrate. “There are over 4,000 banks in the country. Some don’t have physical branches at all - they conduct all business online. insured banks (based on assets), 18% have fewer than 10 domestic branches, according to Federal Reserve data. These online banks offer some of the best savings rates because they don’t have to factor in the operational costs of physical branches, says Jake Northup, founder and CFP of Experience Your Wealth. Just because a bank name is unfamiliar doesn’t mean you should write it off, experts say. ![]() These often include online-only banks, neo-banks, or divisions of regional banks in other parts of the country. Chase Bank, Bank of America, Wells Fargo: you’ve passed by their branches in your area and watched their commercials on TV.īut the banks with the best yields on savings accounts and CDs right now may not be as familiar. The first names that come to mind when you think of a bank are probably the biggest national brands. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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