where could you put like a large sum of money since the banks only hold 100k per account?

Answer 1

You can make investments other than CDs... however, that may carry the risk of non-repayment of initial investment in full. If you want FDIC insurance on all the funds, check with any of your local banks to see if they offer CDARS (www.cdars.com). With the CDARS product, your bank can take up to $30mil and "spread it around" to other banks to provide you with insurance on the full amount. If you have more than $30mil to invest, and you're asking this question in this forum, you've got bigger problems than i can help with

Answer 2

Savings accounts pay interest based on a percentage, say 5% so the more money you have the more interest you make. Some types of accounts make more money because the amount of time you leave the cash there is longer, ie you can't draw on it for a month or a year. Also rates may vary slightly depending on the bank. Swiss banks don't necessarily pay an more interest than a bank elsewhere in the world, however different currencies pay different rates of interest, usually broadly in line with the rate of interest at the central bank in that country. You can have a Swiss Franc (CHF) account with a bank in the UK or another country if you want. You can't open a bank account online anywhere now without having to provide anti money laundering information such as proof of identity and source of funds, regardless of where it is in the world. If you really need to ask for this advice yahoo is not the best place to get your answer.

Answer 3

Why do you think banks will only hold 100k per account?

I've never heard this. FDIC insurance used to be 100k/account, but I think that has been increased.

I'm preety sure wealthy people put more than 100k in an account. Otherwise the paperwork would be horrendous.

Answer 4

Large sums of money are invested in stocks or bonds so that they can earn greater interest than bank savings accounts or bank CDs pay. Large sums of money are also invested in Real Estate or land.

Answer 5

You can put more than that in the bank, but only 100k would be insured. Just open several accounts..

Answer 6

There are larger, world banks that can hold larger amounts. You could send some of it to me and I'll hang onto it for you ;)
You could also open multiple accounts.
Stocks
IRA's or high yield savings accounts.

Answer 7

Overseas accounts like Swiss

Answer 8

Hey Michael,
You can buy several annuities (ranging from $50,000 to more than $65,000,000) or invest the money in real estate and businesses. But watch your overhead expenses.

Answer 9

get ur self a safety deposit box at ur bank !!also u can by annuities or bonds like a savings account, ask to speak with a financial advisor at ur bank.

Answer 10

Use more than one bank and split the money up.