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Forum
-> Household Management
-> Finances
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amother
Papaya
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 Tue, Sep 04 2018, 9:25 am
Would you open a CD or MM in a bank that has a 3.5/5 rating, if all other banks in the area have a 5/5 on Bauer Financial.
I try to keep savings in a number of accounts.
https://www.bauerfinancial.com/star-ratings/
5 Superior (These institutions are recommended by Bauer.)
4 Excellent (These institutions are recommended by Bauer.)
3.5 Good
3 Adequate
2 Problematic
1 Troubled
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amother
Mauve
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Tue, Sep 04 2018, 9:59 am
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No. But I also don’t hold by keeping money in multiple banks.
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amother
Papaya
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Tue, Sep 04 2018, 10:03 am
| amother wrote: | | No. But I also don’t hold by keeping money in multiple banks. |
Why not? This way if one bank goes bust, you dont have everything in that bank.
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questioner
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Tue, Sep 04 2018, 10:05 am
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If your money is in an FDIC insured bank, it is insured up to 250,000 if the bank goes bust.
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amother
Mauve
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Tue, Sep 04 2018, 10:06 am
| amother wrote: | | Why not? This way if one bank goes bust, you dont have everything in that bank. |
No concerned - and balances are insured.
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doctorima
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Tue, Sep 04 2018, 10:12 am
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If it's FDIC insured, what would be the problem? And if it's not FDIC insured, I wouldn't put a penny there no matter how many stars it has.
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amother
Papaya
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Tue, Sep 04 2018, 10:41 am
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To me, looking at the bank ratings makes sense because I hear even with FDIC, they can take years to pay back, and I forgot what other drawbacks there are.
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imasoftov
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Tue, Sep 04 2018, 11:38 am
| Mauve amother wrote: | | No. But I also don’t hold by keeping money in multiple banks. |
"I don't hold with wearing ironmongery, whether it wears well or no." - Hamfast Gamgee
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