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][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]

Well some of us do have a lot more than $750K in cash and "tens of millions".  Sure I could put it all in the market, but I have enough in the market to live the next 20+ years off of.  And I have enough in cash/cash alternatives to live off of for 25+ years and never touch the principal.  So yeah, I keep a portion in cash as I don't need the risk associated with the market.  
And yes, my Financial advisor manages it so we have FDIC/NCUA protection.

[/quote]

Then you aren’t living the last Great Depression and opening up multiple bank accounts…if you are then you are a dumb f**k.

There is no market risk associated with treasuries if you hold to maturity and you can ladder them so some are maturing every year or every 6 months or every month if you want.

You do know it’s the same government backstopping treasuries as FDIC insurance, right?

I assume your financial advisor is doing what you request of him. [/quote]

Mad poor man[/quote]

What a stupid statement.  I am UHNW and never have more than $100k just sitting in bank accounts.

There is literally no point.  You can purchase treasury money market accounts that are fully backstopped and the same as cash.

Yet…somehow it’s rich people that open multiple bank accounts to store $250k each?  You think Jeff Bezos has 1000 bank accounts to keep his cash on hand?[/quote]

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