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The US only insured accounts up to 250K so its common to split up accounts for that reason. what a great problem to have
by wara23arish 4y ago
The US only insured accounts up to 250K so its common to split up accounts for that reason.
what a great problem to have
- tdhoot 4y agoIt's only $250K per account category per bank. So 5 savings accounts would only get $250K in coverage in total.
- vineyardmike 4y agoThat isn't how that works. Its $250k per account type, per institution. So 5 savings accounts at the same institution doesn't increase your insurance over 1. Some banks will "sweep" the excess funds into partner banks (which would increase protection).
- wara23arish 4y agoGotcha that makes sense.
- danuker 4y agoOuch @ inflation
- FastEatSlow 4y agoWere the Canadian banks using US insurance?