Quote:
Originally Posted by sweeps
If the account is FDIC insured and you're under the limit of the FDIC maximum (generally speaking $100,000 but could be more depending on the situation), you're safe. You may, however, have to wait a few weeks before you can get access to your money in the case of a bank failure.
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Sweeps is absolutely correct, but I still want to caution you. Just because a bank has a high APY and is FDIC insured does not mean that you shouldn't be diligent in researching them and getting to know as much as you can about them (i.e. when they were established, what they offer, fee schedules, etc.). Often times, something good or bad will stand out during your research that will incline you to either open the account with a certain institute or to keep looking around for something else.