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Dan | If a recession was to happen, what would happen to my savings account in the bank? |
If a recession was to happen, what would happen to my savings account in the bank? |
 |
 
cytos1234
 |
Well, first off it's unlikely that we are headed towards a recession. We are considered to be in a recession after consecutive declining periods of GDP growth (of which we've had none so far). But, if we were to go into a recession your savings would be safe in your bank. This is because almost every bank or savings entity is insured by the federally-backed FDIC (Federal Deposit Insurance Corporation). This insures your money up to a balance of $100,000 for your account. "...(I)t is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities.'.
I hope this answers your question and assuages any fears that you may have. |
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Rico
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You are protected up to 100,000 by federal insurance. But expect your savings interest rate to go down. |
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aclyue2
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well recession is kinda happening right now, but your savings account in the bank just wouldn't receive as much intrest as it normally would. however, it is cheaper to borrow money and it won't cost you as much |
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Gary D
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Your savings account would still gain interest as it always has, although the interest rate you receive may be lower than in the past. |
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ltorres64
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Nothing, unless you spend it. Your bank should be FDIC insured so if something happened to the bank, the government will give you back the money. |
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Sarge1572
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the democrats will take it and give it to people who need it more than you. You obviously have too much money because you're SAVING some.
Actually nothing. You will continue to draw interest on it and hopefully you will keep up with inflation. |
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kinder
 |
the interest you would earn might drop but nothing else your money in a bank is safe |
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Blank
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Unless you lose your job, it won't be alot different. |
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DMG
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It depends on how the recession affects the value of a dollar on the world market. It could lose purchasing power if the recession further weakens its value on the world market, since many goods are now manufactured overseas. If you are concerned about runs on banks, don't worry so long as you have it in a bank covered by the FDIC and you have less than $100,000 in any given bank. |
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Brian
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A lot of ignorance in this thread...
First--nothing would happen to your money per se.
What COULD happen, depending on the bank, is that your APY (anual percent yield, read:interest) could go down a bit. Although most banks hold those fairly constant. Some of the high-yield online banks like igobanking.com, ing.com or emigrantdirect.com would almost certainly go down a bit but they would still remain relatively higher than "real" banks.
Obviously, anything can happen--banks could go broke, we could hit a real depression etc. but that's unlikely. Even if a bank or two did go under, any reputable one will be FDIC insured--which means your money is safe there.
Now-that is what COULD happen. What almost certainly WOULD happen is that the "value" of your money would go down. The purchasing power of the dollar has been dropping recently. There are many reasons for this--normal fluctuations, war, increasing debt, war, inflation, war, the fact that cost of living rising at a faster rate than income increases, war, recession, war, printing money, war and artificial rate adjustments… the list goes on. Did I mention war?
As the US falls further and further into debt, they choose not to raise taxes—apparently in order to boost the economy. Instead, they just print more money--and sell the bonds to other governments (China). The people that get the money first--big business, wallstreet, banks get the full value of it, but by the time it trickles down (buzzword) to the rest of us, it is devalued.
So, in other words—to sum up, the $1000 you have in the bank is still there. But it's not worth what $1000 was 10 years ago… if cost of living, energy expenses, food etc all go up faster than wages do, it gets harder and harder to save money. Even if you try, you’re actually LOSING value. It almost makes more sense to spend it as it comes in. That’s very sad, I think… hope that answered your question. Someone most have put a quarter in my rant box! |
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Snow White
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as long as your bank belongs to the FDIC you're fine. |
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Press ALT and F4
|
I wish i knew, this is a great question though...
I am sure that your money would still be there, the government would be over thrown but the public if epoples money started disappearing like that!
LOL, but the intrest might be lower or next to nothing for a while? who knows..we dont know if it will be a minor or major recession.. but i hope its not THAT bad..or that long |
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IWIU
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nothing, as long as the banks don't go broke, there wouldn't be enough money to pay everyone single person their money, they would only give you a certain percentage
but life would be pretty terrible if that happened, but I don't think a recession would cause that, it would have to be a depression or worse |
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TedEx
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It is safe. Even if the bank goes under, your acct is insured by the Federal Deposit Insurance Corp,
Yoiu might get a letter, saying " your account is now with a different bank." |
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Rick B
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Probably nothing at all. |
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pittisit43
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you would still have it, but would likely have to pay money to the govt |
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eg
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A recession means a slow down in economics to the point where growth halts or becomes negative. The central bank need to inject more money to prevent a collapse and at term, the money is worth less and less (as power to buy and in relation to other currencies). So recession is not a good time to save because holding onto money won't pay off. It is better to invest. Not on the monetary market or the stock exchange obviously as they fall too, but in real estate, because the price of property collapses too and when after some years we're on the up again you'll be sitting on a small fortune. Or invest abroad, where you get a better return on investment. |
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You wanna know???
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nothing would happen to your account, your intrest rate would tumble though. But your money would be safe |
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KineGirl
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nothing if you leave it alone |
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Kalashnikova
 |
it would be eaten for breakfast |
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Cynthia
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Nothing as long as you don't give your bank permission to invest your money. Whatever is in your savings account is yours. If you're worried about it though, take your money out and put it in a fireproof/waterproof lockbox somewhere and keep the key on you. You can get a nice one at Walmart for about $35. |
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