Some remember when you could earn 5.25% on your savings account in your local bank.
It was a safe "bet" to keep your money in the bank. You trusted your local banker. You didn't even think about whether your money was "insured" by the Federal Deposit Insurance Corporation (FDIC).
Those were simpler times. But times have changed.
"Late Monday [ March 13, 2023 ], the credit rating agency, Moody’s, downgraded the entire U.S. banking system outlook to negative from stable. (Let that sink in for a moment – a downgrade of the entire U.S. banking system.)"