The best high yield saving accounts are currently earning an annual percentage yield (APY) of 5% or more. Our list of ...

In addition to being the second bank to fail in 2024, the failure of The First National Bank of Lindsay marks the seventh time a federally-insured bank has failed going back to 2021.

If the bank is federally insured, it should have the FDIC logo on its website. In addition, the online link referenced at the end of this column is instructive. The FDIC insurance has worked.

This ensures your funds are safe in the event of a bank failure. The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category.

Bank failures may sound scary, but they're rare occurrences. Even if your bank fails, you may still have rights to your deposited money if it's a federally insured bank.

Our high-yield savings account picks earn you rates as high as 4.35%, helping you outpace inflation and grow your savings quicker.

In 2023, for example, a number of banks sadly failed: Signature Bank (New York), Citizens Bank (Iowa) and Silicon Valley Bank (California). Research indicates none of the insured deposits were lost.