After SVB and Signature Bank failures, how can you keep your money safe?

Customers line up in front of a stone building on an overcast day. A sign in the foreground reads SVB > Private — Customers and bystanders form a line outside a Silicon Valley Bank branch location, Monday, March 13, 2023, in Wellesley, Mass.

Alexi Cohan is a producer on Greater Boston. She is from East Longmeadow, Massachusetts, and currently lives in the Boston area.

March 17, 2023

Updated August 28, 2023

Economic fears are growing after Silicon Valley Bank and Signature Bank collapsed within days of each other, leaving federal regulators to clean up the mess.

The failures sent bank stocks into a tailspin and spooked customers now afraid of what might happen if their bank fails too.

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Axios' Business Editor Dan Primack and New York Times Columnist Ron Lieber, speaking on Greater Boston, shared their best tips to keep your money safe.

Primack said if you have more than $250,000 in a bank that is not insured, it would be wise to move it out of that bank. The Federal Deposit Insurance Corporation insures up to $250,000 for each depositer if the bank fails.

Lieber said right now, it's important to stay calm and ride out the rough economic times. "Stand there, take a deep breath and try to stay the course."

Primack agreed, saying for someone who is a general investor, "The headlines are bigger than what's happened to your accounts."

Watch: After SVB and Signature Bank failures, how can you keep your money safe?

Alexi Cohan is a producer on Greater Boston. She is from East Longmeadow, Massachusetts, and currently lives in the Boston area.

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