David Nadelle
·3 min read
Following recent bank failures, Americans are concerned about bank stability and whether or not it’s dangerous to trust banks with their money. However, with confidence in the financial industry and the government rattled, there remains safe havens for Americans’ hard-earned cash.
See: The 15 Biggest Bank Failures in US History
Explore: How To Build Your Savings From Scratch
Because the trio of freshly failed banks — Silicon Valley Bank, Signature Bank and First Republic Bank — were rescued by larger financial institutions, most would assume that the biggest national banks, bolstered by the U.S. government, are the safest place to invest their money. And they would be correct. Regional and mid-sized banks are struggling as depositors are increasingly pulling their money out and households and businesses are subsequently finding it more difficult to get loans as banks tighten regulations and keep their eyes on their balance sheets.
However, as Business Insider reminded us, up to $250,000 per depositor is safe at financial institutions that are Federal Deposit Insurance Corporation (FDIC) — or National Credit Union Administration (NCUA)-insured. This is true whether the bank or credit union is national, regional or local.
Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options. But if you’re looking for security and competitive savings rates, you would be wise to check out the following three financial institutions, says Insider.
Ally
With a Better Business Bureau rating of A, Ally Bank offers a wide range of financial products and services, including checking and savings accounts, mortgage loans, retirement accounts, auto loans and personal loans. Savings account rates are competitive and there are no monthly maintenance fees to open a savings account and no minimum deposit requirements. Ally also has great 24/7 phone, live chat or email service in lieu of physical branches and offers a guarantee against unauthorized access.
Ally currently offers the following accounts:
Ally High Yield Savings Account
Ally Interest Checking Account
Ally High Yield CDs
Ally Raise Your Rate CD
Ally No Penalty CD
Ally Money Market Account
Capital One
Capital One 360is a popular option for online banking if you’re looking for savings accounts, checking accounts or CDs — it also has physical branches if that is a banking preference. You can open credit cards with Capital One, as well as apply for an auto loan or get financing for your small business. There are no monthly maintenance fees or minimum balance requirements for savings accounts. In the event that you think your account’s security has been breached, Capital One offers their customers debit card blocking, which stops activity on their debit cards if it looks like it has been stolen, lost or sold to a third party.
Here are some current Capital One accounts to consider:
Capital One 360 Performance Savings
Capital One Checking
Capital One 360 CDs
Discover Bank
Known primarily for its credit cards, Discover is also a full-service bank and payment services company. While it doesn’t have physical branches, customers can access their accounts via a network of over 415,000 ATMs throughout the U.S. and Discover has top notch online banking services and has a $0 Fraud Liability Guarantee to protect your account. They offer competitive rates on most accounts, 1% cash back on checking accounts and charge no minimum balances or fees on pretty much everything.
Discover currently offers the following accounts:
Discover Online Savings Account
Discover CDs
Discover Money Market Account
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Aside from the size of bank and FDIC/NCUA insurance, The Ascent has identified some touchstones to look for if you’re shopping for a new bank, but are cautious. The most secure banks will be the best at dealing with identity theft and fraud and will use the most advanced security features, including tough guarantees against unauthorized access, EMV chip cards, debit card locking, 24/7 customer service access and everyday security features, like two-factor authorization.
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This article originally appeared on GOBankingRates.com: US Banks You Can Trust With Your Hard Earned Money
