In short, if you have less than $250,000 in your account at an FDIC-insured US bank, then you almost certainly have nothing to worry about. Each deposit account owner will be insured up to $250,000 - so, for example, if you have a joint account with your spouse, your money will be insured up to $500,000.

This question addresses the banking anxieties that surfaced in early 2023 following the high-profile collapses of Silicon Valley Bank and Signature Bank. However, financial experts and government officials generally advised against pulling money out of the banking system. In the United States, the Federal Deposit Insurance Corporation (FDIC) protects deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This means that for the vast majority of individuals, their money is entirely safe and backed by the full faith and credit of the U.S. government. Moving large amounts of physical cash to a home safe or "under the mattress" actually increases personal risk, as cash is susceptible to theft, fire, and loss, and it does not earn interest or enjoy the fraud protections provided by digital banking. The 2023 crisis was largely contained through swift government intervention, and the banking system remained stable for the general public. Instead of withdrawing cash, experts suggest diversifying funds across different institutions if your balance exceeds the $250,000 insurance limit.