7 On Your Side tips: How you can protect your money in wake of banking collapses

NEW YORK (WABC) -- Are you thinking about what you should do with your money in the wake of Signature and Silicon Valley Bank's collapse? 7 On Your Side has some smart money tips and moves that you can make.

Is there good news in this bad news scenario? The answer is yes, in more ways than one.

First, it's a good reminder to diversify your investments. Maximize what you're earning on savings, and make sure your assets are protected.

It's not the time take your money out of the bank or the market, in fact, put it in, says investment advisors.

"Interest rates are much higher in a money market," said Andy Kapyrin, Co-Chief Investment Officer of RegentAtlantic. "A few ways for you to capture a higher interest today one is an online saving account, there are a number of institutions that offer this that have yields of higher than 4%, in some cases higher."

You can get money market savings accounts topping 4% in returns with no minimum balance.

RELATED | Shareholders sue New York-based Signature Bank, 3 former top executives

Investments in previously low-yield certificates of deposit have skyrocketed up $382 billion in just the last 9 months. That's because yields are hitting and topping 5%.

Certificates of deposit require you to commit saving money for a set period, like six months to a year or longer, and like money market fund accounts, they are FDIC insured up to $250,000 per account.

If you have more than that amount in any one institution, it may pay to spread your balances to different banks to be safe.

"If you have more than the FDIC covered amount in a bank, especially if it's a bank that you're worried about, it's probably not a good idea to keep your money there," Kapyrin said.

It's also a good time to diversify, says SoFi's Liz Young.

"You don't want to follow somebody into a bunch of super risky stocks or one in particular and have concentration risk," Young said.

If you're searching for a relatively safe place for cash, Treasury Bills, or T-bills, have become very attractive, experts say. T-bill yields have jumped following a series of interest rate hikes from the Federal Reserve.

Let's say you purchase a $10,000 T-bill with a discount rate of 3% that matures after 52 weeks. That means you pay $9,700 for the T-bill upfront. Once the year is up, you get back your initial investment plus another $300."

If you're curious about what's insured for yourself or your loved one you can get answers in one click.

The FDIC offers an online tool. You just punch in your bank and the type of account. The Electronic Depositor Insurance Estimator calculates what is insured or what exceeds coverage.

You can also call the FDIC's toll-free number: (877) 275-3342 or (877) ASK-FDIC for answers.

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