how can 2 people keep more than 100,000 in one bank and still be insured by the gov't?

Answer 1

Joint Accounts:

These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person’s shares of all joint accounts at the same insured bank are added together and the total is insured up to $100,000.

If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple's joint accounts.

Example: John and Mary have a $220,000 CD at an insured bank. Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank’s records. John and Mary each own $110,000 in the joint account category, putting a total of $20,000 ($10,000 for each) over the insurance limit.

Answer 2

First of all, why in the WORLD would you want to keep more than $100,000 in a savings account? You don't get enough interest from a bank to keep up with inflation.

Second, each person can put $100,000 in an account - two accounts, one for one person, one for the other. After that, you have to go to another bank.

But it's not a very good money decision to do that.

Answer 3

Some banks also belong to a program called CDARS. This allows up to $50 million in one bank account to be covered by FDIC.

Answer 4

Different account, can have up to $100K in name of each person, plus $100K in joint accounts, and all would be insured.

Answer 5

fdic insures up to 200,000 per person...if you have more than that then you want to spread it out into different accounts, if you actually care about USA backing up your money

I personally prefer cash in a shoebox

i know where my $$$ is at all times

Answer 6

FDIC is 100k per person. 250k if it is a retirement account.