I lost all faith in US banks in 2009 — but now I'm 52 with $650,000 in cash sitting in a safe at home. What do I do with this pile of money?

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.

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.

With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you've got the right portfolio to meet your goals on time.

Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

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 Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.