Online Banking vs Neobanks: Understand FDIC Safety and Protect Your Money
Description
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn how to distinguish neobanks from traditional banks, understand FDIC insurance, and get tips for affordable holiday hosting.
What is the difference between a neobank and a traditional bank? Is my money safe in an online bank or neobank? Hosts Sean Pyles and Sara Rathner discuss how to distinguish a neobank from a traditional bank and ways to safeguard your savings, helping you understand what to look for in financial institutions. But first, they begin with a discussion of affordable holiday hosting, with tips and tricks on hosting a potluck, budgeting for extra food, and setting boundaries with overnight guests. Then, NerdWallet banking expert Spencer Tierney joins Sean and Sara to discuss the ins and outs of online banks and neobanks. They discuss how FDIC insurance works, what to look for in a neobank’s fine print, and the potential risks of using a neobank.
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Have a money question? Text or call us at 901-730-6373. Or you can email us at podcast@nerdwallet.com. To hear previous episodes, go to the podcast homepage.
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