3 ms·

EDIT: According to the link shared by mortenjorck this is incorrect. A banker explained this to me a while ago, and I just took their word for it. I might hav

• mortenjorck 8y ago
  This is incorrect according to the FDIC’s website: > All single accounts owned by the same person at the same bank are added together and insured up to $250,000 Revocable trusts, joint accounts, and other types of accounts with multiple custodians are covered separately, but checking, savings, and so on are not. https://www.fdic.gov/deposit/covered/categories.html https://www.fdic.gov/deposit/covered/categories.html
• dragonwriter 8y ago
  > It's actually per bank, per type of account. So $250k in savings accounts, $250k in checking, $250 in Money Market, etc. It's not per type of account, it's per ownership category. Ownership categories are: (1) Single accounts (2) Certain self-directed retirement accounts (3) Joint accounts (4) Revocable trust accounts (5) Irrevocable trust accounts (6) Employee benefit (non-self-directed) plan accounts (7) Corporation, partnership, or unicorporated association account (8) Government accounts https://www.fdic.gov/deposit/covered/categories.html https://www.fdic.gov/deposit/covered/categories.html With a little bit of work, you can probably spread your money into a few of those categories without much problem and have more than $250k coverage, but it's not as easy as just having checking and savings.