holding big money in a bank or EMI is a bad ideaI wholeheartedly admire the steel nerves of people holding millions with Wise and not being afraid while doing so. I wish I had the guts. While browsing X these stories seem to be almost a daily occurrence (see tweet below). With that kind of money it shouldn't be hard to open an account with a brick and mortar bank
https://twitter.com/x/status/1900495783591547148
Trueholding big money in a bank or EMI is a bad idea
Why? Sheer scale is not a sign of quality. Small EMIs can suck too, but this is not a good institution, compliance is nearly unbearable to deal with. Personally, I haven't experienced a freeze yet, though I know several people that did, and I had my fair share of question answering there.if I had to choose one EMI to hold 1M I would pick Wise without hesitation
Of course, nothing beats crypto, but Fiat is still a need in current times.full-fat banks are not any better
Maybe Robin Hood. He had cash sweeps in 20 banks, offering 5M protected savings.Some of the US brokerage cash reserve accounts offer better than 3.9%. No reason to ever hold that much in a single bank account. Even the most sound government insured bank insures less than that. FDIC only goes up to $250 000 US. That’s just bad practice all the way around, including the choice of institution, account structuring, yield to risk, and the timing of his investment.
simple... I have/had about 25 EMI accounts and Wise provides simply the best user experience - perhaps it's like that until it isn't and I'm just lucky...Why?
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