Details for RATESEEKER LLC - Ad from 2019-10-13

St. Louis Post-Dispatch

Deposit & Loan Guide

Institution

Synchrony
Bank

Int Chking Money
Acct
Mkt Acct
Min
Min

NA

1.20

NA

0

3 mo
CD
Min

6 mo
CD
Min

0.75

1.00

12 mo
CD
Min

18 mo
CD
Min

2.25

2.25

2,000 2,000 2,000 2,000

24 mo
CD
Min

36 mo
CD
Min

60 mo
CD
Min

2.30

2.35

2.45

2,000 2,000 2,000

Great Rates + Safety = Peace of Mind. Member FDIC.

Phone / Website

800-869-3813
www.synchronybank.com

TO PARTICIPATE IN THIS FEATURE,
CALL SALES DEPARTMENT @ 773-320-8492
Savings Update

Why it matters whether your bank is FDIC-insured
By Sabrina Karl
Bank failures sound scary. All of a sudden,
the federal bank regulators rush in unannounced and shut the operation down. And
whether you hold accounts at that bank or
not, you’ll find out at the same time as everyone else – after the fact.

$250,000 held by a single individual at a
single FDIC-insured bank will be reimbursed
by the government if the bank is seized. But
even if you have more than that amount
held in bank accounts, you can still protect
yourself. If you’re married, you can hold up
to $250,000 in each spouse’s name, for
$500,000 in total coverage. Or, you can split
your deposits among more than one bank,
so you don’t exceed $250,00 with any one
institution.

But while that may sound scary, for the vast
majority of a bank’s depositors, there really
is no significant danger. That’s because the
U.S. has a sophisticated, well-run insurance
system called the FDIC, which protects your
funds should a bank fail.
Of course, this works if you hold your deposits at an FDIC-insured bank, which is most of
The Federal Deposit Insurance Corporation them. However, banks do exist that provide
is a government entity started during the private deposit insurance instead of FDIC
Great Depression to restore confidence in coverage. It’s possible you’ll be just as safe
the U.S. banking system. And confidence with these privately insured banks, but many
and trust is exactly the sense it should bring savers feel more comfortable sticking to
you today. Because unless you have a very government-backed insurance.
large sum deposited at a single bank, FDIC
insurance has your back.
Fortunately, it’s easy to check if a bank is federally insured. Just check the bank’s materiThe way it works is that all deposits up to als or website for the FDIC logo.
Rate Criteria: Rates effective as of 10/08/19 and may change without notice. RateSeeker,
LLC. does not guarantee the accuracy of the information appearing above or the availability
of rates in this table. Banks, Thrifts and credit unions pay to advertise in this guide. NA means
rates are not available or not offered at the time rates were surveyed. All institutions are FDIC
or NCUA insured. Yields represent annual percentage yield (APY) paid by participating institutions. Rates may change after the account is opened. Fees may reduce the earnings on the account. A penalty may be imposed for early withdrawal. To appear in this table, call 773-320-8492.

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