Is your money safe and guaranteed if it's in CD's?

Question

with banks closing left and right and people freaking out, trying to decide should they pull their money out or ride it out, it makes for a potentially frightening situation. i have been told if you have your money in CDs, that it is guaranteed safe, meaning if more banks collapse and your is one of them, you'll still get your money. can anyone help me w/ this, is this true? any info would be appreciated. thanks.

Answer 1

I believe that your money is guaranteed by the government for up to $100,000.  If you have $5,000 and the bank goes under you still have $5,000..

Of course if you have $500,000 and the bank goes under you have $100,000.

Answer 2

Yes, if you have a CD, no matter what happens, your money is safe. Even if your bank crashes they HAVE to give you your money.

Answer 3

The CD depends on your bank. If your bank is FDIC insured then you will get your money back along with any interests that accumulated from the time of deposit to the time that the bank closed. If your bank is not insured, your money is not guaranteed.

Good luck.

Answer 4

Although most bank accounts are FDIC insured for $100,000, money market acocunts and CD's are NOT typically FDIC insured as they are tied with the stock accounts.  This is really a bank by bank issue - just ask if the MM and CD accounts are FDIC insured.