Which types of Banks and insurance companies are safer now?

I think it is time to put your money in well-managed local bank and everybody should withdraw their money from foreign banks now We must completely avoid banks and insurance giants over exposure to bad credit, commodity and sophisticated financials instruments now.

Still there are good well-managed local banks worldwide and these banks will outperform market in the next 05 years

Any other thoughts

Thanks
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Best Answer

cherry answered a question in Financial Services.
148 points

cherry answered one year ago …

Most people do need to use a bank for every day deposits and withdrawals for bill paying etc. If you keep your balance below the government guaranteed maximum there should not be a problem and if you use Bank of America (for instance) it would be hard to imagine USA allowing that one to fail. You can check the financial status of any bank ( and perhaps you should do this) Credit unions may be another alternative. And since the interest on deposits is very low you might consider a safety deposit box for funds over the guaranteed amount.. Investing in the stock market ,commodities or foreign funds is always a bit of a gamble so leave that for the High Rollers and those with experience if you are an average joe with less than $500.000 to worry about

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Answers

BradOK answered a question in Financial Services.
304 points

BradOK answered one year ago …

I don't think there are any "safe" banks right now. These guys all have exposure to bad loans in some way shape or form. The research it would take to find out which would be way too difficult. I say stick to playing commodities or foreign stocks, like China, right now.

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