If savings account are only FDIC insured to $250K do you need to open another account?

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07/21/2025 10:40

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get a cash management account. The money gets swept to as many banks as necessary.

This is what I did at Fidelity

Do you track to make sure that your Fidelity account isn't putting your money into the same bank where you keep the bulk of your funds?

This question makes no sense. The only reason to get a cash management account is to put the bulk of your (cash) funds there. That's the point.

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07/21/2025 11:12

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get a cash management account. The money gets swept to as many banks as necessary.

This is what I did at Fidelity

Do you track to make sure that your Fidelity account isn't putting your money into the same bank where you keep the bulk of your funds?

This question makes no sense. The only reason to get a cash management account is to put the bulk of your (cash) funds there. That's the point.

You sure about that?

https://www.fdic.gov/resources/deposit-insurance/faq

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07/21/2025 11:23

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:If the account is joint, don’t you and spouse both have $250k protection? IDK, but have been meaning to look this up.

yes

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07/21/2025 11:24

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:Who keeps that much cash around? I don't see the rich doing it and the poor definitely shouldn't do it.

CDs count as deposits

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07/21/2025 12:53

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get a cash management account. The money gets swept to as many banks as necessary.

This is what I did at Fidelity

Do you track to make sure that your Fidelity account isn't putting your money into the same bank where you keep the bulk of your funds?

This question makes no sense. The only reason to get a cash management account is to put the bulk of your (cash) funds there. That's the point.

You sure about that?

https://www.fdic.gov/resources/deposit-insurance/faq

You seem to misunderstand what a cash management account does.

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07/21/2025 12:58

Subject: If savings account are only FDIC insured to $250K do you need to open another account?

quote

Anonymous

Anonymous wrote:Who keeps that much cash around? I don't see the rich doing it and the poor definitely shouldn't do it.

That was the first thing I learned upon marrying my old money wife. I couldn't believe I had more money in the bank than she did. She gave me a crash course in where I should put my cash and why.