By Liam Fitzgerald, CFP^®*

Recent bank failures have spawned a banking crisis, causing doctors to question whether the cash in their checking and savings accounts are safe. Knowing the rules can help you gain the maximum government provided protection for your funds. Meanwhile, moving your cash into higher-yielding money market accounts, CDs and bonds, or using it to pay off debt can dramatically increase your returns while improving safety.

This past March, three regional banks failed, most notably Silicon Valley Bank. These banks all shared common traits including highly concentrated investments in crypto, tech companies, and large interest rate bets. In response, depositors moved billions of dollars of uninsured funds to larger banks due to concerns that their cash wasn’t safe in smaller banks.

Don’t Be Overly Concerned

It’s natural to question the safety of your cash in checking and savings accounts, but understanding the rules can reduce your fears. All standard checking and savings accounts are insured from default for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). Likewise, most