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Anyone who lived through the Great Recession remembers the tremendous economic turmoil that took place.
While the economy has since recovered, many people became wary of financial institutions. Some even choose to hold their cash outside the system entirely.
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This isn’t surprising. There were two bank failures in 2024, and recent tariff-driven recession fears might pave the way for more in the years to come.
"Banks are a reflection of the economy — if the economy worsens, their results will follow," said Stephen Biggar, director of financial institutions at Argus Research.
But, keeping your money out of banks or investments, you could miss out on significant growth. Holding cash reserves means you’re likely losing money every year due to inflation.
How to deposit a large sum of money
You can deposit large sums of cash, but banks must report amounts over $10,000 and may ask about the source of funds.
There’s no issue — as long as your money is legitimate . Just avoid breaking up deposits to dodge reporting, as that’s illegal. Notify your bank ahead of time, and remember FDIC insurance covers up to $250,000 per account category.
Holding onto cash can mean missing out on opportunities for growth. By exploring secure, high-yield savings options and investing platforms, you can maximize your money’s potential and put it to work for your future.
If you’re looking for a dependable way to grow your savings without taking on significant risk, a certificate of deposit (CD) could be a good choice. With SavingsAccounts.com, you can compare rates and features of CDs offered by different banks and financial institutions — all in one place.
With the Federal Reserve lowering benchmark rates, locking in your funds with a high-interest CD can help you boost your savings.
You can compare real-time data on CD offers and get personalized recommendations here.
For those who want to explore additional high-yield savings opportunities, this list of the best high-yield savings accounts of 2025 by Moneywise highlights some of the best accounts available today.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Making moves
While banks may have lost consumer trust during the Great Recession, avoiding the financial system entirely can be a missed opportunity. For instance, $100,000 invested in an S&P 500 index fund in 2009 could have grown to $850,000 by 2024, assuming dividends were reinvested.
While it’s natural to feel cautious about investing, the truth is that long-term, steady investment strategies often yield the best results.
If you’re unsure where to start or want professional advice, Advisor.com connects you with vetted financial advisors who can help you create a tailored plan.
From budgeting to retirement planning, Advisor.com provides a comprehensive approach to financial wellness. Whether you’re looking for a one-time strategy session or ongoing support, their platform makes it easy to find the right fit for your needs.
After answering a few simple questions about your financial goals, you’ll be matched with an advisor and can book a free consultation to explore your options.
Invest for retirement
Planning for retirement requires careful consideration of both stability and growth. Whether you’re diversifying with precious metals or automating investments, there are options to suit every approach.
Gold has long been hailed as one of the best investments for retirement, acting as a hedge against inflation and economic fluctuations. The yellow metal’s performance speaks for itself — gold prices have risen by about 84% over the last five years.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.
Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.
If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.
To learn more, download their free 2025 gold investor bundle to see if a gold IRA is the right investment for you.
If you prefer a hands-off approach to saving, Acorns makes it easy to grow your retirement fund with minimal effort.
With Acorns, you can invest your spare change into diversified ETF portfolios, ensuring steady progress toward your goals. When you make a purchase on your debit or credit card, Acorns rounds up the price to the nearest dollar and deposits the excess into a smart investment portfolio developed by experts.
You can also customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions.
You can also opt for Acorns Gold, which offers a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.
Sign up now and you can get a $20 bonus investment.
What to read next
- Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
- Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
- Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
