When deciding how much to keep in a savings account, you may consider having an emergency fund of three to six months' worth of living expenses, as commonly suggested by financial experts. Most savings accounts in the U.S. are insured by the FDIC up to $250,000 per depositor, per insured bank; amounts beyond this limit are not protected by the insurance. Additionally, savings account interest rates are often lower than the rate of inflation, which means the purchasing power of your money can decrease over time. For those with substantial savings, like a retirement fund, it may be worth exploring investment options that may offer higher returns, such as securities - ensuring long-term growth and financial security.
Investment advice offered through Magnifina, LLC, a Registered Investment Adviser. SEC# 801-117932. This website and information are provided for guidance and information purposes only and are not intended to provide investment, tax, or legal advice. No historical or future performance claims are made. Please consult a qualified professional before making decisions about your financial situation or otherwise using any specific information contained herein.
Any linked materials are provided strictly as a courtesy. We make no representation as to the completeness or accuracy of information provided at these websites. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are viewing.
Any service described as “free” or “complimentary” means there is no monetary or financial cost to you. However, these offers may require you to be in contact with us, provide certain information, or participate in meetings or consultations. We reserve the right to deny, discontinue, or limit access to any offer at our sole discretion.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
25 Broadway, 10th Floor
New York, NY 10004
Phone: (800) 732-0818