So, 2023 is going to be a very big year for us and we need to be cash rich (even if other asset poor) for a few particular reasons. Last year, seeing how little Wells Fargo was paying me in interest, I moved the vast majority of my cash to two different online banks. I'm now concerned about the state of one of these banks given that 3 banks have failed in 4 days (2 shut down, 1 voluntarily shuttering).
Should I move money back into Wells Fargo? I understand that no bank is truly 100% risk free, but given this is all we have as "cash" (even if under FDIC limits), I do worry in particular about these "online banks".
Please advice. Thank you.
Should I move money back into Wells Fargo? I understand that no bank is truly 100% risk free, but given this is all we have as "cash" (even if under FDIC limits), I do worry in particular about these "online banks".
Please advice. Thank you.