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> But not long ago, a $2.5-millionaire opening 10 different bank accounts to stay under FDIC limits would have been called paranoid. Maybe I'm paranoid. But I
by mlyle 4y ago
> But not long ago, a $2.5-millionaire opening 10 different bank accounts to stay under FDIC limits would have been called paranoid.
Maybe I'm paranoid. But I have a few accounts. Not enough to make everything FDIC insured, but enough to get more insurance and mitigate risk.
And my most recent startup used IntraFi's product to get diversification and more insurance.
- fma 4y agoI'm no startup CEO but I do trade stocks. I know many brokers, suck as Interactive Brokers will automatically move your money for you to different banks and your FDIC insurance is essentially $2.5 million while lookimg like 1 bank (https://www.interactivebrokers.com/en/accounts/sweep-program.php https://www.interactivebrokers.com/en/accounts/sweep-program...) In addition I use a service called Max My Interest where it will find me the max interest savings account, but also consider risk of bank failure so it's not all in one bank.