In uncertain economic times, you may wonder about the safety of your funds.
With the COVID-19 pandemic wreaking havoc throughout the global economy, you may well wonder whether a bank savings account is still the safest place to keep your money.
The answer is yes. In fact, bank savings accounts are much safer than a wad of cash in your wallet, an envelope in your desk drawer or even a fake head of lettuce in your refrigerator. That’s because banks have sophisticated security systems and technologies to protect your money and guard against theft and fraud. What’s more, most bank deposits are insured by an agency of the federal government.
“If your savings are held in a bank, sleep well knowing it’s the safest place your money can be,” says Jeff Jones, head of the department of finance and general business at Missouri State University.
Why Is Your Money Safer in the Bank?
Here are four reasons why bank accounts are super safe:
- FDIC insurance. Most…