2007-11-10 11:12:13 · 5 answers · asked by Mz. Massachusetts 5 in Business & Finance ➔ Investing
NO IT WOULD BE TO COSTLY.
several years ago there were a number of banks that went under and i think they had to pay out over 100,000,000 billion dollars.
JUST PUT SOME OF YOUR MONEY IN OTHER BANKS.
INVEST IN BANK C.D.'S
THEY ARE FEDERALLY INSURED UP TO $100,000 FOR EACH BANK YOU DEAL WITH.
CHECK OUT MONEYRATE.COM FOR THE HIGHEST C.D. RATES IN THE COUNTRY. MOST NOW ARE PAYING ABOUT 5% OR A LITTLE BETTER LIKE 5 1/2%
MUCH HIGHER THAN ANY SAVINGS ACCOUNTS BUT YOU TIE UP YOUR MONEY FOR A PERIOD OF TIME DETERMINED BY YOU.
IF YOU WANT A GOOD RATE THAT IS A SAVINGS ACCOUNT THAT PAYS THE HIGHEST RATES IN THE COUNTRY, THHAT I KNOW OF. SEARCH OUT ING BANK
YOU KNOW THE ONE THAT SHOWS YOU THE ORANGE BALL. I'VE BEEN WITH THEM FOR ABOUT 5 YEARS.
ONCE AGAIN FEDERALY INSURED UP TO $100,000
GOOD LUCK AND I HOPE YOU CHOOSE ONE OR BATH OF THESE WAYS TO DIVERT SOME OF THAT MONEY.
2007-11-10 11:32:12 · answer #1 · answered by adam/penny 7 · 1⤊ 0⤋
Actually the FDIC doesn't protect investors. It only protects bank depositors.
There are ways to get around this. If you have more than $100,000 in the bank split it between more than one bank. You are protected for upto $100,000 at each bank.
2007-11-10 12:14:47 · answer #2 · answered by shoredude2 7 · 1⤊ 0⤋
Like Shoredude said, FDIC does NOT protect investments. It protects bank accounts. When you make an investment, you are taking a risk. If your investment plummets in value, then you lose that money.
If you have large sums of money that you aren't investing, you can have multiple bank accounts of up to $100K each to protect your money.
2007-11-10 12:35:47 · answer #3 · answered by jellybeanchick 7 · 0⤊ 0⤋
I would argue no, the majority of people and accounts out in circulation are going to contain ammounts far less than the $100,000 benchmark. Typically if you've got $100k or more you're going to have it spread out across several avenues of wealth generation (stocks, bonds, mutual funds, cd's, etc).
2007-11-10 11:26:22 · answer #4 · answered by Crighton 3 · 0⤊ 0⤋
There is no reason to.
If you have more than $100k you can simply buy Treasury Bills which are actually a tiny bit safer than an insured bank account.
2007-11-11 00:47:25 · answer #5 · answered by Oh Boy! 5 · 1⤊ 0⤋