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Savings & Retirement

How to Safely Store Deposits If You Have More Than $250,000

The FDIC said it will fully protect depositors after Silicon Valley Bank’s implosion. But wealth advisers say clients should strategize about where they park their cash.

The lobby of the Federal Deposit Insurance Corp. (FDIC) headquarters in Washington, DC. — The lobby of the Federal Deposit Insurance Corp. (FDIC) headquarters in Washington, DC.
Photographer: Al Drago/Bloomberg

By

Charlie Wells and

Misyrlena Egkolfopoulou

March 13, 2023, 5:45 PM UTC

The collapse of Silicon Valley Bank, and fear that the pain is spreading to other financial institutions, is raising an uncomfortable question: Is it safe to leave a lot of money in a single bank?

The answer, at least according to financial advisers, is generally yes. Thanks to banking legislation dating back to 1933, the Federal Deposit Insurance Corp. covers up to $250,000 per depositor in qualified accounts at insured banks.