Many Americans were concerned about the nation’s banking system after the collapse of Silicon Valley Bank and Signature Bank earlier this month. However, financial advisor Donna Sowa Allard reassures people that there is no need to panic as the Federal Deposit Insurance Corporation insures $250,000 in deposits per person and $500,000 for married couples. Sowa Allard suggests that depositors should consider the bank where their money is held and utilize both savings and checking accounts that are FDIC insured. For business owners with more than the insured amount, Sowa Allard advises to find smaller banks that can offer additional protection. The Federal Reserve will meet on Wednesday to determine if interest rates will rise.

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