With all this stuff about Musk trying to get into federal things, if someone has their money in a high yield savings through a credit card company is that safe? Like if banks fall or whatnot?
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For now, FDIC and NCUSIF are both a thing - they are government-backed deposit funds that serve as deposit insurance for up to $250,000 in deposits for banks and credit unions, respectively. It's hard to know what the future will hold, though. Otherwise, credit unions ARE considered somewhat safer.
Some credit card companies are underwritten by actual banks, some aren't, so know whether your current HYS is in a bank account or a glorified mutual fund. Also, credit unions are required to file annual reports for their members, so Google "CU + annual report" to see $$$/impact. For example, in LA:
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