Are banks or credit unions safer?
Yes, banks are exceptionally safe places to store money, provided you choose an institution insured by federal agencies like the FDIC in the United States or equivalent government backing globally. Federal deposit insurance guarantees that up to $250,000 per depositor, per insured bank, is completely protected against bank failure or economic collapse. Beyond safety from loss, keeping money in a bank protects cash from physical theft, fire, or loss associated with keeping physical cash at home, while simultaneously allowing funds to earn interest in savings accounts and providing seamless digital transaction security.