Get More Than $250,000 Insured by the FDIC

One way to be assured that your cash is properly insured is to keep no more than $250,000 in cash. Most Americans won’t have any issue here.

If you’re building up “dry powder” for future investments or purchases, or if you’re a company that must carry larger sums of cash on hand, risk mitigation is imperative.

One “solution” that won’t work is to simply open additional accounts at the same bank. You don’t get $250,000 of insurance per account, whether it’s checking, savings, or some combination thereof. 

How to Increase Your FDIC Insured Cash Holdings

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Spread your money around. It’s a bit of a hassle, but if you’re going to keep more than $250,000 in cash, you can open accounts at different accounts & the first $250,000 at each one will be FDIC insured.

Open Accounts at Multiple Banks

Accounts owned by individuals are only insured for $250,000, but joint accounts get double the protection, so you’re safe with up to $500,000 in a jointly owned account.

Married? Open a Joint Account

As a couple, you can do this safely at one bank. Each individual can have an account insured for up to $250,000 apiece.

$1 Million Insured With Two Individual Accounts and One Joint Account

A cash management account is a substitute for a traditional savings account, and it acts in a similar manner. You can deposit money, withdraw money, perhaps use ATMs and debit cards.

Open a Cash Management Account

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