💎Get our popular bond course bundle & save $80: www.diamondnestegg.com/home#_paa2isucf 💎Bond Beginners (our foundational-level bond course): www.diamondnestegg.com/bond-beginners 💎Bond Masters (our intermediate-level bond course): www.diamondnestegg.com/bond-masters 💎And join our super-supersaver membership for regular market updates & monthly live member Q&As th-cam.com/channels/nexoc6tvesvcCEzZhmI-Ag.htmljoin >>>>>>>>>> WATCH NEXT >> Our Bond Courses vs TH-cam Membership | Which Is Right For You: th-cam.com/video/H5h4Eyh0hjo/w-d-xo.html >> Bond Beginners Course Sneak Peak | I-Bonds vs TIPS: th-cam.com/video/uXPzbje1g2E/w-d-xo.html >> Bond Masters Course Sneak Peak | How To Build A Bond Ladder: th-cam.com/video/p90IDmXn19s/w-d-xo.html >>>>>>>>>> SOURCES FOR TODAY'S VIDEO: www.fsb.org/2023/11/2023-list-of-global-systemically-important-banks-g-sibs/ www.fdic.gov/resources/resolutions/bank-failures/in-brief/index ncua.gov/support-services/conservatorships-liquidations >>>>>>>>>> Here is the overview for Bond Beginners: 1. Bond Basics What A Bond Is & How A Bond Works Why Invest In Bonds New Issue vs Secondary Market Bonds Interest Rates & Bond Prices Current Yield & Yield To Maturity Always Remember This! Buying At Par, Above Par & Below Par Different Types Of Bonds Wrap-Up 2. The Risks Of Bond Investing Seven Key Bond Risks Credit Risk Interest Rate Risk Reinvestment Risk/Call Risk Inflation Risk Liquidity Risk Currency Risk & Country Risk Bond Risk Mitigation Strategies Wrap-Up 3. US Treasuries Overview What Are US Treasuries Why Invest In Treasuries Where Can You Buy Treasuries How Are Treasuries Taxed Wrap-Up 4. Treasury Bills What Are Treasury Bills (T-Bills) When Do T-Bill Auctions Happen Where Should You Buy At Auction Auto-Roll When Buying At Auction Where To Find Recent Auction Results High Rate vs Investment Rate Reopening Auctions Cash Management Bills (CMBs) Buying & Selling On Secondary Market Wrap-Up 5. Treasury Notes & Bonds What Are Treasury Notes & Bonds When Do Auctions Happen Buying Treasury Notes & Bonds Auction High Yield vs Interest Rate Floating Rate Notes (FRNs) Treasury Zeros (STRIPS) Wrap-Up 6. TIPS (Inflation-Protected) What Are TIPS When Do TIPS Auctions Happen Nominal vs Real Yields Negative Yields How Do You Adjust TIPS For Inflation Taxes On Phantom Income Secondary Market Liquidity Wrap-Up 7. I-Bonds (Inflation-Protected) What Are I-Bonds How Does I-Bond Interest Work I-Bonds vs TIPS The Annual I-Bond Limit Wrap-Up 8. Agency Bonds The Universe Of Bonds What Are Agency Bonds How Are Agency Bonds Taxed Treasuries vs Agencies Who Might Want To Consider Agencies Yield-To-Call & Yield-To-Worst Where Can You Buy Agency Bonds Wrap-Up 9. Municipal Bonds Our Bond Universe Gets More Complex What Are Municipal Bonds How Safe Are Munis How Are Munis Taxed The De Minimis Rule Social Security & Medicare Premiums Treasuries, Agencies & Munis Who Might Want To Consider Munis Wrap-Up 10. Corporate Bonds Our Bond Universe Is Complete What Are Corporate Bonds How Safe Are Corporates Corporate Bond Hierarchies Five Key Features Of Corporate Bonds How Are Corporates Taxed Treasuries vs Corporates, Etc. Who Might Want To Buy Corporates Wrap-Up >>>>>>>>>> Here is the overview for Bond Masters: 1. Stocks vs Bonds Historical Performance Are Bonds Really Less Volatile Why Invest In Bonds Accumulation vs Decumulation Allocation of Stocks vs Bonds Wrap-Up 2. Which Bonds Might Be Right For You Treasuries & Other Types of Bonds Nominal vs Real Yields Inflation vs Non-Inflation-Protected Taxable vs Tax-Advantaged Accounts Wrap-Up 3. Bond Ladders & Other Bond Strategies Normal vs Inverted Yield Curve What Is A Bond Ladder 5 Important Bond Laddering Questions Laddering When Rates Are Rising Laddering When Rates Are Falling Laddering When Rates Are Uncertain What Is A Bullet What Is A Barbell Wrap-Up 4. Holding to Maturity vs Selling Early Why Hold to Maturity When To Sell Early Before Maturity Tax Implications Of Selling Early Wrap-Up 5. Individual Bonds, Bond Funds, Etc. Why Buy Individual Bonds Why Buy Bond Funds Bond Fund Considerations Key Bond Fund Concepts CDs vs Treasuries Other High-Yield Investments Wrap-Up 6. Our B.E.S.T. Model Portfolios By Age Our B.E.S.T Model Portfolios By Age Model Portfolios In The Industry B.E.S.T Model Portfolio Difference How Much Do You Need To Retire? How I Use The Rules of 100, 110, & 120 B.E.S.T Model Portfolios (20s) B.E.S.T Model Portfolios (30s & 40s) B.E.S.T Model Portfolios (50s & 60s) B.E.S.T Model Portfolios (70s+) Wrap-Up 7. The Decumulation Phase What Is The Decumulation Phase? Bear Markets & Recessions What Can You Do In Bad/Bear Markets Decumulation Tax Considerations The 4% Rule The Bucket Strategy The Flooring Approach Jen’s Bucket Strategy With A Twist Wrap-Up >>>>>>>>>> Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Everyone's financial journey is different. Please note that: 1) there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances 2) we will not ask you to call us or send us money in the comments on this channel or any of our other social media accounts, so if you see comment(s) along those lines, it is most likely spam - PLEASE DO NOT ENGAGE WITH SPAMMERS OR GIVE OUT YOUR PERSONAL INFORMATION FOR YOUR OWN SAFETY
I learned a great lesson in the 2008 Bank Of America (near) collapse. I'll never do business with them again. I live debt free, below my means, and keep at least a year emergency fund cash on hand. I don't gamble much in equities and keep investments as safe as possible. I sleep well at night now. ;-)
I got to experience bank failure twice. Once was as a depositor at Indymac Bank. It was the classic story of the FDIC putting chain around the front door and locking everyone out. For 2 months I had no access to that money. When the FDIC finally sorted it all out, I got all my funds out and moved them elsewhere. But then there was the case of Washington Mutual. I was a depositor and stock holder there. The story turned out differently here though. As a depositor, I got those funds back. But as a stock holder, I lost everything. These are the kinds of things my parents used to talk about from the Great Depression days but I never thought I'd experience myself.
Your story has the element (waiting) that people don't realize. SO many people (mistakenly) think that as long as you're FDIC insured, that the whole process is seamless and it simply isn't. This happens with bond insurance as well, there can be a lot of waiting while the bankruptcy is worked out. So choose your bank wisely. :)
Chase also overdraft fees are crazy $34 on every dollar then they tell you where you can shop like a smoke shop they won’t let you buy anything on overdraft it shouldn’t be up to them as long as they get there money they used to let me I got a new card then they wouldn’t let me 😖
Banked at a Credit union until for some reason my bank account had fraud activity 3 different times and had to get a new card everytime. Look over your statements monthly. Now changing to a bank.
I gave up on banks about 30 years ago and have not looked back. I have been very happy...no, extremely happy, banking at a credit union. Banks have their uses, I suppose, but I really don't feel that they are that great for those who are not wealthy.
Thanks Jennifer. Trying to find bank health information is not always easy to glean. I have made an effort to break up CDs in the banks you listed, but never overextend on any one bank.
Wells Fargo’s ethical problems put me off. I have banked with US Bank and its precursors since 1982. Great service. Fifth largest U.S. bank with good reserves.
Used to bank with Washington Mutual until they died and became Chase. Then I banked with First Republic (wonderful bank btw, RIP) and they died and became Chase. Universe is telling me something but I still refuse to listen and now have bank accounts all over the place…except Chase.
I closed my Chase checking account way back in 2011 when they introduced fees (penalties) if I didn’t bring in $750 of fresh money every month. It felt like a pimp/ho relationship. Never looked back. I also used to bank with WaMU back when they had “totally free checking” in 2008… was only a Chase customer because WaMu became Chase.
@@mjg239 WaMu was on the verge of bankruptcy and its assets were sold to Chase for cheap. Back in the 1990s I had Wells Fargo then closed my account. I opened a BofA but then close it too. I went with a local bank which got bought by another bank which got gobbled up by Citigroup before it broke into two entities which I still have. However, I have also open an account with a credit union back in 2012. I'm not keeping my money in one bank or CU.
I just opened checking and saving at Capital One. Was going to transfer out of Citibank because their teller's and banker's customer service was horrible.
I'm sure Capitol One savings has a better interest rate than Citibank. Those 8 banks than Jenn mentioned give crappy interest on their savings account.
Capital One is one of the worst IMO. Generally the bigger the bank the worse they are. Switch to a smaller bank and hope they dont merge w a bigger bank.
Great to know the 8 safest banks. Thank you! It's not great to know none of my banks are on the list:). Is it also possible to list the top 8 most risky banks :)? Will Discover Bank and American Express be on that list? Thank you so much!!
Here’s what I love about Chase and Jamie Dimon. He pays 0% interest on business accounts no matter what the balance. He takes full advantage of the bank’s safety status. Grrrr
Always amazing easy to consume content! So organised and ending my with my comfort in confidence to make truly informed decisions! Awesome #JenniferLammer, i feel motivated to get a handle of my financials in a practical way on a collective road of preferred and few selected content creators helping me into #financialFreedom; to whom which you are one! #attitude4gratitude and in time this new subscriber will be of the #DiamondNestEgg, showing that #perfectCut to #financialFreedom due your continued teachings! Excited i am!
Even though those banks have that global systemically important bank status, I still wouldn't bank with them. Knowing the government will bail them out often leads them to do dumb things like exposing themselves to risky mortgage-backed securities. I nonetheless found your video enlightening.
I use Ally bank and that's for the higher savings yield, although now I know I can park it elsewhere for a bit extra I've yet to figure out which route I want to go.
It’s top 10 in terms of size but not a G-SIB: banks.data.fdic.gov/bankfind-suite/financialreporting?establishedEndRange=8%2F23%2F2024&establishedStartRange=01%2F01%2F1792&inactiveEndRange=8%2F23%2F2024&inactiveStartRange=01%2F01%2F1970&incomeBasis=YTD&institutionType=banks&limitEstablishedDate=false&limitInactiveDate=false&pageNumber=1&reportPeriod=20240331&resultLimit=25&sortField=ASSET&sortOrder=DESC&unitType=%24
We bank at a few local banks, one being Huntington. I was hoping that was on the list. We met with wealth advisors at a couple of banks and chose Huntington to invest our money. We will be making this transition over the next few days. What happens to our money and our private client relationship if the bank fails?
My savings and checking account are with HSBC. I don’t love them. Their interest rates, even during inflationary times, are unimpressive. I initially chose them because with premier account status I could open an international account in the UK. I’ve since opened a UK account with Bank of Scotland (though thinking of switching to Barclay’s), so don’t really need the HSBC account. However their premier Mastercard is handy for international travel. I’m trying to find better banking options in the US (outside of investing).
There are several Chinese banks on the international list, including Bank of China. I have been wondering if there is any political risk here given the international tensions between the US and China. Bank of China CDs frequently show up on lists of brokered CDs sold by banking firms like Schwab, Fidelity, Vanguard and Merrill Edge. I have so far avoided these CDs for fear of what might happen if there is a military altercation between the US and China. I'm wondering if my fears are justified, given that the US branches of these institutions have FDIC insurance. Still, I would not want to be holding an asset of an institution that decided to default on its obligations for political reasons because my money would still be tied up until I was reimbursed by the FDIC.
Credit unions (and some local banks) are also much more likely to use their assets to benefit your local community. Larger credit unions though can be more regional or even national.
I've heard getting a mortgage loan from them is a nightmare, but otherwise I've always heard they're #1 for good reasons - safety, super service, etc. Are you having problems?
None of the 8 safest banks in the US are banks. All banks are under a "fractional reserve" system. They only loan you 10-15% of the loan. The rest is a bookkeeping entry. So, if more than 10-15% of the banks purported assets are investment losses, withdrawals, checks cashed, or late or defaulted loans, it's FDIC time. Credit unions are not allowed to do fractional reserve banking, and whatever they loan you comes out of the drawer. Therefore, they are much safer than banks, and, if they do screw up, they have their own FDIC, the NCUA. Banks are a better place to borrow from, for if they go under you can offer them a hugely discounted amount to pay off their loan as they are out of cash, but save at a credit union.
I'm with Wells, but keep liquid under $7.5K on hand for both each savings and checking accounts. I have a CU where I keep @ $12K. The bulk of my assets are in T-Bills.
40 years with USAA. Also stared with their investment management services. 4 years ago they sold the investment services to Schwab where I now have my investment accounts. Thanks to this excellent video I'm thinking of transferring to Merrill Edge and BOA. I just love USAA's service though so am torn. Another consideration is the possibility of taking out a personal loan. If I stay with Schwab and Schwab bank gets into trouble I might be cut off. I'm thinking that I would have less trouble getting a loan from BoA if I have my investments with Merrill Edge...Any thoughts?
Chase, fidelity, credit union and Capital One. Gold and silver (hard) savings. Chase is the big boy, Credit unions for protection, Cap One for ease and investments. Fidelity for growth. Gold and silver for hedge and immediate cash in. Problem solved.
Anybody with millions aint keeping it in Wells Fargo or Bank of America,,,if you have serious money you want protected in the most dire situation your keep your cash at UBS....this is where rich international's keep their money safe and i would too if i was a high net worth individual
I looked up your safest banks in SW Florida and they all had the absolute lowest reviews, most notable was poor customer service. Can you recommend a good, reliable, safe bank in SW Florida? I have an account with 5/3 and I find them less than straight forward and deceptive.
I believe credit unions have something different than fdic. Also the issue with these banks you listed for me is they all have very low interest rates. I also want nothing to do with JP Morgan or Blackrock personally. I use ufb direct for savings at 5.15% but Im considering a new bank that offers 5.33%. I dont invest in any bonds just stocks.
Bonds can sometimes give you the interest rates you're looking for and not force you to give up the safety. The added bonus is you can put them in the same accounts/firms as your stocks.
Very informative...and clearly presented! As always! Small banks with high liquidity would make an interesting list, too. With the availability of online banking many folks can deposit anywhere.
💎Get our popular bond course bundle & save $80: www.diamondnestegg.com/home#_paa2isucf
💎Bond Beginners (our foundational-level bond course): www.diamondnestegg.com/bond-beginners
💎Bond Masters (our intermediate-level bond course): www.diamondnestegg.com/bond-masters
💎And join our super-supersaver membership for regular market updates & monthly live member Q&As th-cam.com/channels/nexoc6tvesvcCEzZhmI-Ag.htmljoin
>>>>>>>>>>
WATCH NEXT
>> Our Bond Courses vs TH-cam Membership | Which Is Right For You: th-cam.com/video/H5h4Eyh0hjo/w-d-xo.html
>> Bond Beginners Course Sneak Peak | I-Bonds vs TIPS: th-cam.com/video/uXPzbje1g2E/w-d-xo.html
>> Bond Masters Course Sneak Peak | How To Build A Bond Ladder: th-cam.com/video/p90IDmXn19s/w-d-xo.html
>>>>>>>>>>
SOURCES FOR TODAY'S VIDEO:
www.fsb.org/2023/11/2023-list-of-global-systemically-important-banks-g-sibs/
www.fdic.gov/resources/resolutions/bank-failures/in-brief/index
ncua.gov/support-services/conservatorships-liquidations
>>>>>>>>>>
Here is the overview for Bond Beginners:
1. Bond Basics
What A Bond Is & How A Bond Works
Why Invest In Bonds
New Issue vs Secondary Market Bonds
Interest Rates & Bond Prices
Current Yield & Yield To Maturity
Always Remember This!
Buying At Par, Above Par & Below Par
Different Types Of Bonds
Wrap-Up
2. The Risks Of Bond Investing
Seven Key Bond Risks
Credit Risk
Interest Rate Risk
Reinvestment Risk/Call Risk
Inflation Risk
Liquidity Risk
Currency Risk & Country Risk
Bond Risk Mitigation Strategies
Wrap-Up
3. US Treasuries Overview
What Are US Treasuries
Why Invest In Treasuries
Where Can You Buy Treasuries
How Are Treasuries Taxed
Wrap-Up
4. Treasury Bills
What Are Treasury Bills (T-Bills)
When Do T-Bill Auctions Happen
Where Should You Buy At Auction
Auto-Roll When Buying At Auction
Where To Find Recent Auction Results
High Rate vs Investment Rate
Reopening Auctions
Cash Management Bills (CMBs)
Buying & Selling On Secondary Market
Wrap-Up
5. Treasury Notes & Bonds
What Are Treasury Notes & Bonds
When Do Auctions Happen
Buying Treasury Notes & Bonds
Auction High Yield vs Interest Rate
Floating Rate Notes (FRNs)
Treasury Zeros (STRIPS)
Wrap-Up
6. TIPS (Inflation-Protected)
What Are TIPS
When Do TIPS Auctions Happen
Nominal vs Real Yields
Negative Yields
How Do You Adjust TIPS For Inflation
Taxes On Phantom Income
Secondary Market Liquidity
Wrap-Up
7. I-Bonds (Inflation-Protected)
What Are I-Bonds
How Does I-Bond Interest Work
I-Bonds vs TIPS
The Annual I-Bond Limit
Wrap-Up
8. Agency Bonds
The Universe Of Bonds
What Are Agency Bonds
How Are Agency Bonds Taxed
Treasuries vs Agencies
Who Might Want To Consider Agencies
Yield-To-Call & Yield-To-Worst
Where Can You Buy Agency Bonds
Wrap-Up
9. Municipal Bonds
Our Bond Universe Gets More Complex
What Are Municipal Bonds
How Safe Are Munis
How Are Munis Taxed
The De Minimis Rule
Social Security & Medicare Premiums
Treasuries, Agencies & Munis
Who Might Want To Consider Munis
Wrap-Up
10. Corporate Bonds
Our Bond Universe Is Complete
What Are Corporate Bonds
How Safe Are Corporates
Corporate Bond Hierarchies
Five Key Features Of Corporate Bonds
How Are Corporates Taxed
Treasuries vs Corporates, Etc.
Who Might Want To Buy Corporates
Wrap-Up
>>>>>>>>>>
Here is the overview for Bond Masters:
1. Stocks vs Bonds
Historical Performance
Are Bonds Really Less Volatile
Why Invest In Bonds
Accumulation vs Decumulation
Allocation of Stocks vs Bonds
Wrap-Up
2. Which Bonds Might Be Right For You
Treasuries & Other Types of Bonds
Nominal vs Real Yields
Inflation vs Non-Inflation-Protected
Taxable vs Tax-Advantaged Accounts
Wrap-Up
3. Bond Ladders & Other Bond Strategies
Normal vs Inverted Yield Curve
What Is A Bond Ladder
5 Important Bond Laddering Questions
Laddering When Rates Are Rising
Laddering When Rates Are Falling
Laddering When Rates Are Uncertain
What Is A Bullet
What Is A Barbell
Wrap-Up
4. Holding to Maturity vs Selling Early
Why Hold to Maturity
When To Sell Early Before Maturity
Tax Implications Of Selling Early
Wrap-Up
5. Individual Bonds, Bond Funds, Etc.
Why Buy Individual Bonds
Why Buy Bond Funds
Bond Fund Considerations
Key Bond Fund Concepts
CDs vs Treasuries
Other High-Yield Investments
Wrap-Up
6. Our B.E.S.T. Model Portfolios By Age
Our B.E.S.T Model Portfolios By Age
Model Portfolios In The Industry
B.E.S.T Model Portfolio Difference
How Much Do You Need To Retire?
How I Use The Rules of 100, 110, & 120
B.E.S.T Model Portfolios (20s)
B.E.S.T Model Portfolios (30s & 40s)
B.E.S.T Model Portfolios (50s & 60s)
B.E.S.T Model Portfolios (70s+)
Wrap-Up
7. The Decumulation Phase
What Is The Decumulation Phase?
Bear Markets & Recessions
What Can You Do In Bad/Bear Markets
Decumulation Tax Considerations
The 4% Rule
The Bucket Strategy
The Flooring Approach
Jen’s Bucket Strategy With A Twist
Wrap-Up
>>>>>>>>>>
Thanks for visiting our personal finance channel! We hope this content will help fast-track your financial journey! Everyone's financial journey is different. Please note that:
1) there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances
2) we will not ask you to call us or send us money in the comments on this channel or any of our other social media accounts, so if you see comment(s) along those lines, it is most likely spam - PLEASE DO NOT ENGAGE WITH SPAMMERS OR GIVE OUT YOUR PERSONAL INFORMATION FOR YOUR OWN SAFETY
Hated the big banks. Moved to a credit union long ago…never regretted it.
That's what I did , switched to a wonderful credit union. The people care about you in a very hospitabe manner. ❤❤❤❤
Credit union is way better
would also love a list of safest credit unions 2024 please :)
I learned a great lesson in the 2008 Bank Of America (near) collapse. I'll never do business with them again. I live debt free, below my means, and keep at least a year emergency fund cash on hand. I don't gamble much in equities and keep investments as safe as possible. I sleep well at night now. ;-)
Warren Buffet has BofA stocks, which make up the 2nd largest holdings behind Apple in his portfolio.
@@tommydong8070 Yes, many people have their stock. But not me.
Good for you! Solid approach. There are so many great, reliable investments out there. So many others are closer to gambling than investing.
I’m trying leave BoA now, I’m paying $50 in fees, how do I leave? I several accounts with them, including CDs.
@@tommydong8070- I believe I read recently that Apple and Coke are his top 2 biggest holdings. But maybe BofA is up there too.
Can you do a list of safest credit unions in 2024, thanks in advance Jen? ❤❤❤
Hi! I will add this onto Jennifer's list! Best - Eva
Where can I find that list?
Pentagon Federal Credt Union🎉
I bank at a credit union. This was informative, just thought FDIC mattered the most.
Thank you very much for this Important Video !!....
*YOU ARE AMAZING, DIAMOND NESTEGG !!!*
*THANK YOU.*
I got to experience bank failure twice. Once was as a depositor at Indymac Bank. It was the classic story of the FDIC putting chain around the front door and locking everyone out. For 2 months I had no access to that money. When the FDIC finally sorted it all out, I got all my funds out and moved them elsewhere. But then there was the case of Washington Mutual. I was a depositor and stock holder there. The story turned out differently here though. As a depositor, I got those funds back. But as a stock holder, I lost everything. These are the kinds of things my parents used to talk about from the Great Depression days but I never thought I'd experience myself.
I also stood in line for an hour at Indimac trying to take my cash out too😮
Your story has the element (waiting) that people don't realize. SO many people (mistakenly) think that as long as you're FDIC insured, that the whole process is seamless and it simply isn't. This happens with bond insurance as well, there can be a lot of waiting while the bankruptcy is worked out. So choose your bank wisely. :)
I only bank at a credit union. Fidelity is my choice for investment accounts.
Thank you
Project 2025 is going after credit unions.
Wells Fargo crooked as a snake never again
Customer service is awful.
Chase also overdraft fees are crazy $34 on every dollar then they tell you where you can shop like a smoke shop they won’t let you buy anything on overdraft it shouldn’t be up to them as long as they get there money they used to let me I got a new card then they wouldn’t let me 😖
No bank for me.
Been with a credit union for over 20 years and have been great.
Banks - for profit
Credit union - not for profit.
Banked at a Credit union until for some reason my bank account had fraud activity 3 different times and had to get a new card everytime. Look over your statements monthly. Now changing to a bank.
Thank you for providing such detailed and valuable information. ❤
I gave up on banks about 30 years ago and have not looked back. I have been very happy...no, extremely happy, banking at a credit union. Banks have their uses, I suppose, but I really don't feel that they are that great for those who are not wealthy.
Thanks Jennifer. Trying to find bank health information is not always easy to glean. I have made an effort to break up CDs in the banks you listed, but never overextend on any one bank.
Thanks for the international banks list. It’s great for us bi-nationals.
exellent information
Wells Fargo’s ethical problems put me off. I have banked with US Bank and its precursors since 1982. Great service. Fifth largest U.S. bank with good reserves.
I have Wells Fargo and am okay with it. It is consumer RESPONSIBILITY to control their accounts not the banks
You’re awesome, thank you.
Used to bank with Washington Mutual until they died and became Chase. Then I banked with First Republic (wonderful bank btw, RIP) and they died and became Chase. Universe is telling me something but I still refuse to listen and now have bank accounts all over the place…except Chase.
IMO, the universe should be respected.
I closed my Chase checking account way back in 2011 when they introduced fees (penalties) if I didn’t bring in $750 of fresh money every month. It felt like a pimp/ho relationship. Never looked back. I also used to bank with WaMU back when they had “totally free checking” in 2008… was only a Chase customer because WaMu became Chase.
@@mjg239 WaMu was on the verge of bankruptcy and its assets were sold to Chase for cheap.
Back in the 1990s I had Wells Fargo then closed my account. I opened a BofA but then close it too. I went with a local bank which got bought by another bank which got gobbled up by Citigroup before it broke into two entities which I still have. However, I have also open an account with a credit union back in 2012. I'm not keeping my money in one bank or CU.
Wow! Sounds like the "Banking Gods" are speaking to you. 🤣
I don't know if this was a carefully crafted joke, but it made me laugh & giggle....made my morning!
Worked in banks for 40 years and the two best run banks are PNC and BNY Mellon hands down
PNC is awesome
Totally agree
I just opened checking and saving at Capital One. Was going to transfer out of Citibank because their teller's and banker's customer service was horrible.
I left BofA for the same reason. Plus the Manny fees.
I'm sure Capitol One savings has a better interest rate than Citibank. Those 8 banks than Jenn mentioned give crappy interest on their savings account.
Left Wells Fargo with same reason and anger. I like Capital one, but they started using call center in Philippines 😢
Capital One is one of the worst IMO. Generally the bigger the bank the worse they are. Switch to a smaller bank and hope they dont merge w a bigger bank.
Great to know the 8 safest banks. Thank you! It's not great to know none of my banks are on the list:). Is it also possible to list the top 8 most risky banks :)? Will Discover Bank and American Express be on that list? Thank you so much!!
I thought Discover was Credit Cards owned by Sears? It is a bank???
There is Discover Bank (on-line banking).
Many online banks have high yield savings. Chase savings is peanuts. Why would you want to keep your money there.
Thanks Jen for that important info. Just learned about G-SIB. Between FDIC and Treasury, which is better?
Credit Union banks are the best.
Your mattress is the safest
Unless your house is burglarized or burns down (God forbid).
I just use Fidelity’s Sweep. First bank in the sweep is Chase, so I guess it’s Chase by way of Fidelity
Here’s what I love about Chase and Jamie Dimon. He pays 0% interest on business accounts no matter what the balance.
He takes full advantage of the bank’s safety status.
Grrrr
Only checking at WF and very small savings. Have all $$$$ at online HYSA. The big banks on the list have horrendous interest rates, unfortunately
I heard from my bank and the FDIC that if you list beneficiaries you can extend your insurance coverage. Do you know the details with this?
Always amazing easy to consume content! So organised and ending my with my comfort in confidence to make truly informed decisions! Awesome #JenniferLammer, i feel motivated to get a handle of my financials in a practical way on a collective road of preferred and few selected content creators helping me into #financialFreedom; to whom which you are one! #attitude4gratitude and in time this new subscriber will be of the #DiamondNestEgg, showing that #perfectCut to #financialFreedom due your continued teachings! Excited i am!
Even though those banks have that global systemically important bank status, I still wouldn't bank with them. Knowing the government will bail them out often leads them to do dumb things like exposing themselves to risky mortgage-backed securities. I nonetheless found your video enlightening.
👍👍👍👍👍👍👍👍👍💯
You always have great advice and insights! Thank you.
fantastic
Good stuff
I use Ally bank and that's for the higher savings yield, although now I know I can park it elsewhere for a bit extra I've yet to figure out which route I want to go.
I love Marcus Bank is the best for CD and saving account, Capital One also!❤️
Very thorough and informative. Thank you! Might have to switch to Chase!
You’re welcome!
Great video Jen thanks ❤❤❤
Will you ever cover preferred stock of G-SIB banks given they give a slightly juicier yield than IG bonds and the credit risk will be much lower?
If BoA is a G-SIB, why did Warren Buffet just sell a ton of his BoA stock??
Even if the Govt steps in to stop a bank collapse, the stock price could still go down
Given these bank’s fees I would stay away!!! To me, fees is a major safety criterion.
Thank you!!!
Credit union only!
Why?
Thank you 🙏
I'm surprised Capital One didn't make the cut...
It’s top 10 in terms of size but not a G-SIB: banks.data.fdic.gov/bankfind-suite/financialreporting?establishedEndRange=8%2F23%2F2024&establishedStartRange=01%2F01%2F1792&inactiveEndRange=8%2F23%2F2024&inactiveStartRange=01%2F01%2F1970&incomeBasis=YTD&institutionType=banks&limitEstablishedDate=false&limitInactiveDate=false&pageNumber=1&reportPeriod=20240331&resultLimit=25&sortField=ASSET&sortOrder=DESC&unitType=%24
@@DiamondNestEgg Thanks! Very insightful.
Me too!
I bank with Navy Federal Credit Union. For a longtime homeowner I do planning to switch to other banks
I ditched banks long ago and joined a credit union.
Thanks for letting us know what a G-SIB is. Basically they are too big to fail!
Been super happy with USAA. But I do not have all my money in one bank or one account.
Good stuff
I see on Fidelity that Santander offers quite a few bonds and so I should believe from this video that they are quite safe?
“ the time has come for policy to adjust “ 😮
I’m with Suncoast school fed credit union and Truist
We bank at a few local banks, one being Huntington. I was hoping that was on the list. We met with wealth advisors at a couple of banks and chose Huntington to invest our money. We will be making this transition over the next few days. What happens to our money and our private client relationship if the bank fails?
My savings and checking account are with HSBC. I don’t love them. Their interest rates, even during inflationary times, are unimpressive. I initially chose them because with premier account status I could open an international account in the UK. I’ve since opened a UK account with Bank of Scotland (though thinking of switching to Barclay’s), so don’t really need the HSBC account. However their premier Mastercard is handy for international travel. I’m trying to find better banking options in the US (outside of investing).
There are several Chinese banks on the international list, including Bank of China. I have been wondering if there is any political risk here given the international tensions between the US and China. Bank of China CDs frequently show up on lists of brokered CDs sold by banking firms like Schwab, Fidelity, Vanguard and Merrill Edge. I have so far avoided these CDs for fear of what might happen if there is a military altercation between the US and China. I'm wondering if my fears are justified, given that the US branches of these institutions have FDIC insurance. Still, I would not want to be holding an asset of an institution that decided to default on its obligations for political reasons because my money would still be tied up until I was reimbursed by the FDIC.
Never give your money to Chinese banks. Esg and credit system
Credit unions only because of customer service.
Credit unions (and some local banks) are also much more likely to use their assets to benefit your local community. Larger credit unions though can be more regional or even national.
Gracias 😊
Bank with a brokerage house like Charles Schwab, Fidelity, Morgan Stanley etc
How about safest online banks list would be great thanks
, Lots of us are waiting for that list
Curious to hear your take on fintechs.
PNC?
What about Fidelity?
Appreciate any comments about Fidelity
Mine is a bank owned by one man in our community 😊
What do you think of CIT Bank? My understanding is that they are a division of First Citizens Bank.
I like CIT bank has free wire service (with a requirement of $5000 in the account).
Really would like to get her opinion on cit
I left Wells Fargo about 8 years ago, I'd never bank with them again.
I bank with Navy Federal Credit Union. I have always been with them but I would prefer to switch soon. Any recommendations??
I've heard getting a mortgage loan from them is a nightmare, but otherwise I've always heard they're #1 for good reasons - safety, super service, etc. Are you having problems?
what about discover bank
I am worried- they give good rates
Go to Japan. I havent had an issue in 60 years. And they understand my Spanish accented English.
Move money to large credit unions.
Is it time to talk i-bond strategy yet?
None of the 8 safest banks in the US are banks. All banks are under a "fractional reserve" system. They only loan you 10-15% of the loan. The rest is a bookkeeping entry. So, if more than 10-15% of the banks purported assets are investment losses, withdrawals, checks cashed, or late or defaulted loans, it's FDIC time. Credit unions are not allowed to do fractional reserve banking, and whatever they loan you comes out of the drawer. Therefore, they are much safer than banks, and, if they do screw up, they have their own FDIC, the NCUA. Banks are a better place to borrow from, for if they go under you can offer them a hugely discounted amount to pay off their loan as they are out of cash, but save at a credit union.
For most people, I think FDIC insurance should be sufficient. You can have accounts in different banks for that peace of mind.
Bank at Wells Fargo, don't particularly like them, but to be safe you need to be in a too big to fail bank.
I was curious if BMO Harris existed anywhere ??? 🤔 🤔 ???
Chicago
I'm with Wells, but keep liquid under $7.5K on hand for both each savings and checking accounts. I have a CU where I keep @ $12K. The bulk of my assets are in T-Bills.
40 years with USAA. Also stared with their investment management services. 4 years ago they sold the investment services to Schwab where I now have my investment accounts. Thanks to this excellent video I'm thinking of transferring to Merrill Edge and BOA. I just love USAA's service though so am torn. Another consideration is the possibility of taking out a personal loan. If I stay with Schwab and Schwab bank gets into trouble I might be cut off. I'm thinking that I would have less trouble getting a loan from BoA if I have my investments with Merrill Edge...Any thoughts?
I like U.S. Bank (Minneapolis). They should have been on the list.
off topic. Do you have an opinion re: infrastructure bonds?
Chase, fidelity, credit union and Capital One. Gold and silver (hard) savings. Chase is the big boy, Credit unions for protection, Cap One for ease and investments. Fidelity for growth. Gold and silver for hedge and immediate cash in. Problem solved.
How do you rate derivative risk as documented in OCC quarterly reports on top 25 and top 5 banks?
Was with Union/ now u s bank. How safe?
Where does Capital One come into play?
Credit Unions , Capitol One and Ally
Exactly 💯
CHASE is " Too big to fail " 😉💰
Whar about TD Bank?
Is USBank safe?
How come credit unions are not on the list
What about citybank?
Those banks have many fees and very very low interest rates. I guess we are paying for them to be in that high standards.
What about Capital One
Anybody with millions aint keeping it in Wells Fargo or Bank of America,,,if you have serious money you want protected in the most dire situation your keep your cash at UBS....this is where rich international's keep their money safe and i would too if i was a high net worth individual
So is Marcus, by Goldman Sachs, like ETrade and Merrill Edge and their parent company?
I looked up your safest banks in SW Florida and they all had the absolute lowest reviews, most notable was poor customer service. Can you recommend a good, reliable, safe bank in SW Florida? I have an account with 5/3 and I find them less than straight forward and deceptive.
I've banked with PNC Bank here in FL for many years. I've been pretty satisfied with them.
I believe credit unions have something different than fdic. Also the issue with these banks you listed for me is they all have very low interest rates. I also want nothing to do with JP Morgan or Blackrock personally. I use ufb direct for savings at 5.15% but Im considering a new bank that offers 5.33%. I dont invest in any bonds just stocks.
Bonds can sometimes give you the interest rates you're looking for and not force you to give up the safety. The added bonus is you can put them in the same accounts/firms as your stocks.
Federal Savings and Loan Insurance Corporation (FSLIC) insures CU accounts
I bank with us bank. Because they were not involved in the subprime loans.
Which is safer, Treasury bills or bank CD account?
What is your view on Discover Bank and other similar online banks?
Very informative...and clearly presented! As always!
Small banks with high liquidity would make an interesting list, too. With the availability of online banking many folks can deposit anywhere.