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

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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][quote=Anonymous][quote=Anonymous][quote=Anonymous]don't you use more than one bank OP? I use CapOne, Ally, and Vanguard. You can spread your money[/quote]

This is pretty f**king stupid.

I guess if you have tens of millions, then keep $750k in cash earning nothing.

Maybe just have one account and then buy $500k of treasuries that will earn real interest.[/quote]

each earning 3.5%+ but i get your point. too much cash. already have money in the market and treasuries. i suppose i can buy more but having 8% in cash isn't too bad, IMHO. [/quote]

It is if you feel the need to have three accounts.  Look, I just came off dealing with an estate that was decent (around $5MM) but with 12 different accounts for no reason.  Similar ridiculous thinking about needing multiple bank accounts for FDIC as well as multiple other random accounts.

Do your heirs a favor and just consolidate to the fewest accounts you need.  You forget who you designate as a beneficiary or worse don’t designate anyone, so now it goes through probate and what not.  It all becomes a bigger pain then you appreciate.

I mean, the same US government that is issuing treasuries is also standing behind FDIC insurance.  You can ladder treasuries if you are concerned about having to sell at a loss…though that seems unlikely in your case.[/quote]

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