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Reply to "If savings account are only FDIC insured to $250K do you need to open another account?"
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[quote=Anonymous]The rules are complicated. Opening two individually owned accounts at the same bank will not increase your coverage, but doing the same at two different FDIC insured banks will. That is assuming that the banks are really independent and not owned by the same parent. Opening a individually owned account and a joint account will up your coverage. Opening another joint account with a different person will not up your coverage. Opening a trust account ups your coverage, but opening a second one does not. Going to a second bank, does.[/quote]
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