This Is Where I Keep My Money For My Business

This Is Where I Keep My Money For My Business

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[ZERO-CAPACITANCE]

I am so glad that people are having the courage to call in and ask basic questions.

[gregoryellis]

Ask the bank to provide collateral (pledged T-bills) for funds on deposit over the FDIC coverage.

[henrylauer]

I work at a "commerce bank" that works with just businesses and their wealthy owners.

What dave is saying is totally right. You spread it out about. But those sweep accounts are like a secret tool of the rich. ( Many banks reauire a FAT deposit for you to enjoy that privilege)

[TechRevi]

When SVB tanked, they became the safest bank because after the Fed took over it became 100% insurance.

[mikemallery]

There are CDARS for large amounts. Sign up for a term at one bank and the deposit is spread over as many banks as needed to remain 100% covered. the con is - it is locked up for whatever term you sign up for. You still need another bank for liquid funds and your needs may exceed $250k - so pick a good bank.

[vitormonteiro-fz]

I aspire to have this kind of problems...
This is my type of problem...

[ellenj]

Get an investment/money market account at a bank, and ask the financial advisor to invest in only FDIC covered CDs... these are brokerage CDs that pay more interest than the direct bank CDs....ask to make the CDs 3 months to keep them rolling and be available, and reinvest any interest you earn. Thats how our startup company is keeping the cash after seeing Silicon Vally Bank collapsed.

[paquinmatt]

There’s a ton of cash management account offerings at investment firms that do the bank spreading for you

[joefods]

There is banks that will do that for you. I cant think of the names off the top of my head but i see it all the time. I mean if you have that much cash, you can do the overnight sweeps...that's the best. Those rates are crazy but usually need more than a million in cash.

[bigjon]

Keep 6 kontha expensse plus emergency fund at home in anvery good safe! Exrra buy gold/silver on hand...dont care what dave says... Banks can fail...power can go out, market canncrash! Protect yourself against counterparty risk. Youve been warned!

[ElTerceroCharles]

Wells Fargo has a savings account that Pays 5% and is FDIC insured up to 50 million.

[jeff-w]

This is a better question for the cartels.

[brianslattery]

Anyone know what episode this is?? Is this the Entre Leadership podcast or just The Ramsey Show? Thanks

[mizztwerksum]

SIPC insurance is double that of FDIC also.

[johnwayne]

The answers us TREasury bonds short terms also called TBILLs

[EPain]

You can, it is called a sweep account. You can deposit it into one bank and they take it and deposit it in $250k increments in other banks so that it is all FDIC insured

[christersmith]

Put it into an investment account, they’ll protect it, they can’t afford to lose client trust for those types of accounts.

[TheDjcarter]

Several products out there that do multiple sweeps of high yield 4.5-5.5% savings Vanguard has one that does up to a couple million I think all FDIC insured

[robertpesche]

Wrong answer. A number of reputable brokerages will take one to three million dollars and spread it out over multiple banks to keep you insured. To you it looks like a single account. The interest rates are generally good as well.

[solh]

Are there banks that deposit your cash into mutual funds? I’m kinda lost what he’s talking about 😅