The ongoing problems at Credit Suisse are increasing the concern of those who are worried about keeping their money safe. Shares in the Zurich-based finance giant hit a record single-day selloff just days after three US banks failed, and its bonds were also showing signs of deeper financial stress. Shares of other banks also fell, as Bridgewater Associates founder Ray Dalio warned that last week’s SVB failure was a ‘sign of danger to come’, exposing cracks in the global financial system .

According to the report published in Bloomberg, concern about the financial condition of regional American banks also remains. What does this mean for deposits and investments – Personal finance experts have given tips to stay calm and manage your money during these times.

“US consumers could face potential consequences such as reduced access to credit, changes in interest rates on deposits, or losses on investments due to bank troubles,” says Tilan Kiridena, founder and CEO of New York-based Capital Elements Advisors. Therefore, consumers should remain informed about the financial health of the institutions with which they have relationships…”

The good news for US investors is that the Federal Deposit Insurance Corporation covers eligible accounts at insured banks up to US$250,000 per depositor. In addition, US authorities created a new backstop for the country’s banks following the SVB crisis, which they believe is sufficient to protect the entire nation’s deposits.

According to Mike Bailey, director of research at FBB Capital Partners, “If you have less than $250,000 in your bank deposits, you are protected with a guarantee…even if your bank goes through a crisis, your deposits are at risk.” Won’t happen…” He also added, “But if your deposits are more than this, then you should think about diversifying by depositing in different banks…”

Apart from this, keeping the name of the account holder separately can also be beneficial. The FDIC insures up to US$250,000 per account holder (both account holders in a joint account), so if the depositor is married, he or she can deposit up to US$1 million by opening a joint account in his or her own name, his or her spouse’s name, and Can get insurance of.