How do I protect my savings account during Recession?

Question

With so many banks going bust, I would like to know what the best thing to do with my savings is?

Answer 1

if more than $100,000 in any bank have several banks otherwise the FDIC insures it for that amount

Answer 2

Take all your money out and put it under your pillow!!

Seriously, with FDIC insurance, as long as you don't have over $100,000 in your bank account, you are safe.

Answer 3

As long as it's less than $100,000 nothing.  Your savings is FDIC insured.

Also aside from IndyMac what other major bank has failed?

Answer 4

Make sure that you have less than $100,000.00 at each financial institution that is insured by FDIC. $250,000.00 if you have an IRA. You can find tips at this article also:

Answer 5

The best thing is to leave it right where it is, although keeping $200 or $300 in cash around the house is not a bad idea in case of an emergency (around here it is earthquakes and fires, elsewhere it might be tornados or hurricanes).  The FDIC protects all deposits up to $100,000.