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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]Since each account is only insured to $250K do you just keep opening new savings accounts? [/quote] Are you single? If so your options are limited and you might need to set up accounts at multiple banks. If you are married, you and your husband can each open individual accounts for $250 insurance, plus a joint account for a combined $500, so a million of FDIC insurance at your bank. There are other options, such as trusts can really increase FDIC insurance, with $250 per beneficiary. But as asked above, why keep that much cash on hand? Buy an index fund.[/quote]
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