Yes, that's exactly what it means. You're FDIC insured up to $250k at any FDIC member institution, which is almost all of them (verify "FDIC" shows up on their website and/or verify with the FDIC directly).
One caveat is that some banks can be a pain in terms of customer service, or charging fees if your below a minimum balance, etc., so read the fine print and do a quick Google search to make sure they're legit, but for the most part you can't go wrong.
Keep in mind it changes over time which banks have the best rates. They tend to advertise a high rate to bring in customers, then lag over time, and hope people don't notice or don't care.
_Llort__ t1_je2xqo9 wrote
Reply to comment by Flopcandy in [Beginner] In my location, my bank (PNC) has a savings account interest rate of 0.03%. Capital One is 3.4%. American Express is 3.75%. Is there any reason not to switch to one of those? by Flopcandy
Yes, that's exactly what it means. You're FDIC insured up to $250k at any FDIC member institution, which is almost all of them (verify "FDIC" shows up on their website and/or verify with the FDIC directly).
One caveat is that some banks can be a pain in terms of customer service, or charging fees if your below a minimum balance, etc., so read the fine print and do a quick Google search to make sure they're legit, but for the most part you can't go wrong.
Keep in mind it changes over time which banks have the best rates. They tend to advertise a high rate to bring in customers, then lag over time, and hope people don't notice or don't care.