Hi everyone, this is Kathy Lean
Right now, we’re in a banking crisis and when we have a banking crisis, Americans are worried about the safety of their money. So, I want to explain how you can segment your money to ensure that it’s insured by the US government as much as possible.
FDIC Insurance
First and foremost, we all know that the FDIC provides $250,000 per deposit per bank of FDIC insurance. That means that as an individual, you can have a checking account and a savings account in your name at one bank that is insured up to $250,000. However, if you have a joint account with your spouse, that account can be protected up to $500,000. This means that if you have an individual account that is protected up to $250,000 and a joint account that is protected for another $500,000, your total coverage is $750,000. If your spouse has a separate $250,000 individual account, as a family, you are insured up to a million dollars. If you have children, the best thing to do is to open up a custodial account for them. With a custodial account, those separate accounts in your child’s name are protected for another $250,000 per child.
Brokerage Investments
Your brokerage investments are not covered by FDIC. They are protected by the Securities Protection Investment Corporation (SPIC). SPIC provides up to $500,000 of protection per person per brokerage. You can have a joint account separately with your spouse that gets another $500,000 protection. If you have a cash balance, SPIC only covers up to $250,000 of that cash balance. However, if your money is held in securities, the full protection holds.
Diversifying your Accounts
If you want to keep more money at one financial institution, you’ve got to break it down further. You’ve got to have individual accounts, joint accounts, a corporate account, a trust account, individual retirement accounts (IRAs), Roth retirement accounts, and accounts for your minors. Each one of these categories is protected for $500,000. This is the way wealthy individuals or those of you trying to grow your wealth are able to keep money at one or two institutions while also ensuring that each of those accounts are protected by the US government as much as possible.
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The whole situation is very sad. The FED is supposed to prevent such issues yet the US has more bank failures than other countries.