The FDIC website gives you the definitive info on insurance. It is $100K per person per account, so you can end up with $500K per institution between various types of accounts, for a married couple.
privatebanker posted that getting money back from FDIC is a hassle, because you have to wait a while. I don’t know if it’s 6 months, 1year, or less.
World Savings had the best rates last spring, so I went there also. I wondered why they were so desperate for the deposits. Their high rate, to me, was a warning sign. But I thought it would be another year at least before they were hit with foreclosures, so I planned to use them only until this fall.
Please spend the $15 for a Weiss ratings report before you give your life savings to a bank. And pretty please post your ratings here to share with us. They don’t rate credit unions. I am less confident in other ratings agencies, because they are less diligent. For example one rated everbank A,but Weiss rated them E-. Weiss is very diligent, and that’s what I want for someone evaluating my bank.
In September, after my World Savings CD expires, I am going to put my money into short term Treasury bills – no state income tax, and more safe than banks.
hs posted before that USAA has high rates. You don’t have to be military and they even beat World Savings. I don’t have a Weiss rating on it.
