Are bank failures a risk?
“In March 2023, Silicon Valley Bank, based in Santa Clara, California, was the first U.S. bank to fail since October 2020. In this case, it was one of the larger bank collapses on record, and the Treasury, Federal Reserve and FDIC said in a joint statement that all depositors would be fully protected, even beyond FDIC insurance limits
There was a similar outcome with First Republic Bank, another large bank that collapsed in May 2023.” — NerdWallet