FDIC insurance up to $100,000 -- is that PER bank account?

teddyFBI · #1 09-07-2005, 01:11 AM

I notice that my ING Orange Savings account is FDIC insured up to $100,000. So obviously I'm not going to keep more than 100G in there. When my savings exceed 100G, if I open a new account with a different financial institution -- maybe Emigrant Direct b/c they also have a good online savings acct interest rate will EACH account be FDIC insured up to 100G?? Or is the 100G max per PERSON?

phy1234 · #2 09-07-2005, 01:18 AM

each

toddw8 · #3 09-07-2005, 01:20 AM

Two accounts at different institutions are each insured.

Two accounts at the same institution are not.

boedeker · #4 09-07-2005, 01:26 AM

first world problems.

PorscheNGuns · #5 09-07-2005, 01:33 AM

Why keep 100K in a deposit institution? Interest rates won't even come close to yearly inflation.

-Matt

bort411 · #6 09-07-2005, 01:42 AM

Perhaps you should take some of your 200K and hire an accountant who knows the answers to these questions.

teddyFBI · #7 09-07-2005, 01:42 AM

[ QUOTE ]
Why keep 100K in a deposit institution? Interest rates won't even come close to yearly inflation.

-Matt

[/ QUOTE ]

Historical inflation rates are 2-3%. ING's interest rate is 3.3%.

Anyway, if you had 100G, what would you do with it from a savings perspective?

TStoneMBD · #8 09-07-2005, 01:45 AM

ive had to research this exact question in the past which is why i currently hold all my money in 7 FDIC $100k accounts.

Colonel Kataffy · #9 09-07-2005, 02:03 AM

[ QUOTE ]
i currently hold all my money in 7 FDIC $100k accounts.

[/ QUOTE ]

Shameless bragging. [img]/images/graemlins/tongue.gif[/img]

Dr. StrangeloveX · #10 09-07-2005, 04:17 AM

Fed pretty much won't allow one of the say top 50 largest banks to fail, so if you put more than 100k in one of those you don't have much to worry about. Other than getting owned by inflation.