Potential Benefits for Savers Following SVB Collapse.

Following the recent bank failures of Silicon Valley Bank and Signature Bank, some financial institutions are increasing the yields on their deposit accounts to offset potential outflows of deposits. Ally Bank, UFB Direct, Synchrony Bank, Discover, and Charles Schwab have all raised their rates on various deposit accounts, presenting an opportunity for savers to secure higher rates for their money. This move is one way banks can incentivize customers to keep their funds in their accounts and attract new, smaller-dollar deposits. Savers are advised to shop around and keep their deposits under $250,000.