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It’s capped at 150,000 so not much in terms of income. Article doesn’t specify if this cap is per account or individual
by rising-sky 3y ago
It’s capped at 150,000 so not much in terms of income. Article doesn’t specify if this cap is per account or individual
- toomuchtodo 3y agoProbably best not to exceed FDIC limits for a novel bank product.
- charcircuit 3y agoA CD isn't novel.
- toomuchtodo 3y agoA 100 year CD is, from the first new mutual bank in the last fifty years.
- charcircuit 3y agoDoing the same thing but longer isn't novel.
- readthenotes1 3y agoTry telling that to the world's oldest person!
- deelowe 3y agoFDIC insurance is by account, not individual.
- toomuchtodo 3y agoMy point was that this is somewhat of new and exotic product, and interested parties should be mindful to ensure their exposure does not exceed insurance limits. While you might find a way to buy more of this CD than the bank permits through their limits, that doesn't necessarily mean you should. https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/ https://www.fdic.gov/resources/deposit-insurance/brochures/d... > The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. > The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met. > All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
- WheelsAtLarge 3y agoYou can open multiple accounts, most banks let you. There are ways to increase the insurance limit. Joint accounts are doubled and there are other ways to increase the total to more. But ya, ultimately it's not a whole lot more. On the other side, how many people have $150,000 to lock up for a century. Not many...
- deleted 3y ago[deleted]
- vineyardmike 3y ago> how many people have $150,000 to lock up for a century Realistically 100yr and "the rest of their life" are synonymous, and plenty of people. Sure I don't have 150k in cash just hanging out in my checking account, but if I thought this would be a critical supplement to my retirement, then I could scrape 150k. My parents who are near retirement age certainly have 150k they could put here if they were so inspired.