Quick FDIC Insurance Question

[Capt Caveman]

Does FDIC Insurance cover per Account or per Depositor?

If I had multiple savings accounts with a single bank, each account would be covered up to $100k or all the accounts totaled would only be covered up to $100k?

Thx

 

[kranky]

Guide to FDIC insurance limits

 

[FoBoT]

The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.

so if you have more than that, go with seperate banks

 

[wedi42]

if you have the kind of money in savings, you should have a financial adviser,
he could answer those things for you
but he'd invest the money instead of letting it barely beat inflation in savings

 

[Capt Caveman]

Thanks for the replies.

I want to put all of the money in Etrade's Saving's account til I close on my new place. Looks like it'll have to be Etrade and ING Direct.

 

[Special K]

Originally posted by: johngute
if you have the kind of money in savings, you should have a financial adviser,
he could answer those things for you
but he'd invest the money instead of letting it barely beat inflation in savings

Some people need to have a large amount of money in an easily-accessible, FDIC-insured account. One example would be people doing an AOR although with falling interest rates, AORs are becoming less and less attractive.

 

[drnickriviera]

If you're married, then you can open a joint account and get more than 100k coverage

You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership Categories

The most common ownership categories are:
Single Accounts
Certain Retirement Accounts
Joint Accounts
Revocable Trust Accounts