Where is the safest place for my money?
The safest place for your money is in the bank. It’s earning interest, it’s FDIC-insured and it’s accessible.
How do I know that bank deposits are safe?
Bank deposits are FDIC-insured. No one has ever lost a penny of an FDIC-insured deposit. FDIC insurance now covers $250,000 per depositor per insured bank.
Who pays for FDIC insurance?
All banks pay premiums to protect depositors’ accounts much like car owners pay for auto insurance. All costs of the FDIC are paid by the banking industry, not taxpayers. The U.S. Treasury acts as a backstop, if needed, but banks would be required to repay every penny.