How much do you keep in a single bank?

[Anonymous]

I know the SFDC insurance is $250K is that per bank or per account? We are close to having $400K in a single bank so not sure if we should expand our storage. It's in a cap one account. We might buy a house next year...or not which is why we're high in reserves right now.

[Anonymous]

The limit is per depositor, per bank, per ownership category. If your money is in a joint account held by you and your spouse, you each get $250k of coverage, so $500k for the entire account.

[Anonymous]

Anonymous wrote:The limit is per depositor, per bank, per ownership category. If your money is in a joint account held by you and your spouse, you each get $250k of coverage, so $500k for the entire account.

Thanks! Best start looking for a secondary then.

[Anonymous]

What, the maximum you can keep in a bank account is 250 dollars? I've definitely had 280-300 dollars in there before. Better diversify soon. Thanks for letting me know.

[Anonymous]

Goldman Sachs Marcus account is good.

[Anonymous]

Your account can hold CDs issued by other banks that are insured separately (also up to $250k each). The interest rate is usually a little better, as well. There are also banks that have "sweep accounts" that sort of farm out an account among multiple banking entities, so you can have one account that is insured up to $1,250,000 (for example -- it varies by bank).

[Anonymous]

up to $250k, then I move it to a brokerage account, where I get a bonus for opening or transferring to an account.

I have most of my accounts at Fidelity, but I just opened an account at TD Ameritrade and got a $1000 bonus.
Then I put it in CDs or Money Market for short-term cash or index mutual funds