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Savings Accounts
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Fixed-rate savings accounts are safe and are guaranteed up to $100,000 by the U.S. Treasury. It is always a good idea to have some savings where you bank and, if you use several banks, have a savings account at each one. For long-term safety, you could also own U.S. Treasury bonds or corporate bonds, and for tax savings own tax-free municipal bonds and tax-deferred annuities. Generally, only 10% to 20% of your investments ought to be in fixed accounts, with the balance in long-term growth investments.
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If your savings exceed $100,000 in one account, put the excess into a second account under a slightly different name; for example, the first account "Robert Smith" and the second account "R.J. Smith," etc. This way, each account will be insured up to $100,000. You can do this as often as needed to insure and protect your savings accounts.
Peterson Money Books
Book: The Challenge of WEALTH, by Erlend Peterson, CFP
Managing the Joys, Responsibilities, and Opportunities
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