How to Keep Your Savings Safe

If you want to keep your savings safe, you may have to open multiple accounts in order to keep your cash FDIC and NCUA insured.

An image of multiple safes to store money.
(Image credit: Getty)

Whether you’ve come into a large financial windfall or you've built wealth through disciplined saving, it’s important to make sure your money is protected from potential failings at your financial institution. Especially in the aftermath of recent bank failures, including both Silicon Valley Bank and Signature Bank's collapse, keeping your savings safe has been at the front of many people's minds. 

The Federal Deposit Insurance Corp. (FDIC) insures bank deposits for up to $250,000 per depositor or $500,000 for joint accounts per bank. The National Credit Union Administration (NCUA) — also a federal agency — has a similar program with the same coverage limits that insures deposits in credit unions.  

Rivan V. Stinson
Ex-staff writer, Kiplinger's Personal Finance

Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.