What are the safest banks for savings/money market?

Sounds like you have at most $300K. That should easily fit under your mattress.

Tempurpedic, no boxspring. Any other suggestions?

You could put it in that EV apartment you have been pining for, yes?

Eventually, but I have a wild hunch that right now might not be the best time.

I told you you wouldn't have the sack to buy as prices fell :) Find your deal and take it, you are a long term player. Don't be a puss.

Get a casket with a compartment and bring it with you.

What if you have your life savings and retirement funds that are way over FDIC insurable amounts. How do you protect yourself?

stocks/funds are held by brokerages in your own name. So, even with bankriptcy you don't lose them.

So thats how..

Are you seriously worried that you'll lose your money in FDIC insured accounts? Have people and the media really scared you into being that stupid?

First Tom Brady, now my sack...What's on your mind these days, Juice? :-)

Still have my eye out for the right property at the right price, just holding out for what I really want without more stretching than I'm comfortable with. Besides, at the rate inventory's rising since labor day, I'm eager to watch my options grow. Also, I may not be expecting to pick the bottom, but I think it's safe to say we have a long way to go between here and there. Also curious to see how my neighborhood develops as the local economy stumbles. Alphabet City's already taken a noticeable step back and the city's fiscal problems are still just being discussed.

A panicked seller/good price at these low conforming interest rates in a property I love? Different story.

lintintin, don't be an ass. Do I think it's likely I'll lose my money? No. Do I think it's worth considering my options when a WaMu failure could tap half of current FDIC resources? Sure. Do I think trying to collect $95k from the FDIC would as pleasant as 3 simultaneous root canals? Absolutely.

grow up

Where would this board be without the valuable contributions of folks like yourself, lintintin? Thank you ever so much.

Just don't take you eye off the prize. Lots of noise right now (to be expected) but you are an expert in your neighborhood and are a long term player. Don't let the "one" pass you by.

Thanks, Juice. Eyes are still peeled.

I would suggest short term CDs under $100K and T-Bills/Notes.

I also have accounts on E-Trade and the balances that are not invested, are parked in Treasury Bills & Notes.

You want a valuable contribution from me? You are asking if your money in Citibank is safe? I can't contribute anything to your small silly mind. I'm not sure many people can.

I'm sorry, did someone say something?

I'll repeat

You want a valuable contribution from me? You are asking if your money in Citibank is safe? I can't contribute anything to your small silly mind. I'm not sure many people can.

From everything I can tell, ING is pretty solid and offers good rates. If you're under the FDIC threshold, TWO things have to happen for you to lose your $$ - the failure of the bank AND the inability of the FDIC to cover the insured deposits. As much as I hate to agree with lintintin, I think the likelihood of both happening is very, very small.

"Do I think it's likely I'll lose my money? No. Do I think it's worth considering my options when a WaMu failure could tap half of current FDIC resources? Sure. Do I think trying to collect $95k from the FDIC would as pleasant as 3 simultaneous root canals? Absolutely."

Tenemental, I'm thinking the same.

Am spreading cash among Chase, US Treasuries & park some cash in my E-Trade account, where SIPC covers up to $100K cash.

From discussion with some folks who had money parked in NetBank when it failed, the FDIC "rescue" was apparently really painless. Within a couple of days, their money was accessible through ING and everything seemed to be both fairly automatic and error-free.

I know I may sound paranoid, but "they" have not been honest with us so far about how bad things were/are, what would lead us to believe that any of that has changed. I don't think the government knows how bad it is/could get. They are being hopeful like the rest of us that we are near the end. I feel like I should be a little more proactive, and yet I feel silly for feeling this way. Anyone else?

Please give me the money - I promise to hold onto it for you!

jordyn - a WaMu failure would be the largest bank failure ever in this country and would significantly strain the FDIC. If other banks were to go under at or near the same time, it would be a very different scenario than just one bank failure like NetBank.

Not to cause you to be scared or rush to make a move but the situation calls for prudent thinking and you cant just rely on the system anymore.

I'm no economist, certainly, but I think you're right, Newbie, that nobody knows how bad it is or is likely to get & after the Fed's stellar showing these last 8 years, it seems that there is cause for concern. Well ..... I actually said that in measured tones!

try CDARS

The save money market funds are the ones that invest in Treasuries. I recommend, since I have my money there, is Vanguard Treasury MMF. Is low cost and they are conservative.

Good Luck

I just want to say one word to you - just one word.

Are you listening?

'Plastics.'

Think about it.

Shh! Enough said.

Load up on the salami.

+1 to Vanguard Treasury MM. Vanguard's not-for-profit ownership structure is pretty unique, they've got almost no exposure to all this toxic debt, each fund is a separate entity, etc. Read up on it. Then park your money there.

lets be honest. If ALL major banks failed, FDIC insurance is quite worthless. They are grossly undercapitalized for such a contingency. If a FEW banks failed, even major ones, you'll be fine.

I'd stick with major international banks, "high yield" Internet accounts. I'd steer clear of E Trade, WaMu and Emigrant and the like.

As it relates to Money market funds, many invest heavily in CP and as we have seen from Lehman, you can lose money in a money market. Not likely, but entirely possible.

Totally Anon: Any particular reason why you would steer clear of Emigrant for a high yield savings? I just saw where they are offering 3.75% online savings. Hubby and I are looking for another bank to place cash-- to spread the risk. We want the liquidity (no CDs)-- in case we decide to buy in the next 6 months.

Emigrant's a small bank comparatively and the ownership of that bank troubles me. Don't chase 25 bps when you can be safer with ING or HSBC, particularly if you have 100K or under. Chasing yield is what brought AIG down.

Bank of America

jpm.

From what I understand:
1. credit unions never got involved in risky investments to begin with
2. they're insured by a separate, parallel program, which presumably wouldn't be pulled down by FDIC claims.
3. the deposit limits are the same as for FDIC -- $100K per depositor-entity at each institution

Rates might be lower than at commercial banks, but maybe not.

Totallyanon,

Why are you troubled with Emigrant?

I have my mtg there and they seem fine.

So in the "Disclosures" document of the HSBC Direct online application is this:

"The Bank may refuse to allow a withdrawal from any account in certain cases including, but not limited to, the following cases:

* The Bank decides to require seven (7) days advance written notice and the Bank has not received that notice."

I have three high-yield savings accounts, and don't remember anything like this. So now, at their whim, on an electronic account, I may need to WRITE them, and wait for a week after receipt of my letter to make a withdrawal? Maybe this has always been an HSBC thing, but it seems like a new form of bank-run protection. Creepy.