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Getting Multuple FDIC $250k insured accounts from One Source
Old 12-07-2008, 08:33 PM   #1
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Getting Multuple FDIC $250k insured accounts from One Source

I'm looking for a safe home for me and my family's money.
As we know, the FDIC insures individual accounts up to $250k.

But does anyone know of a single entity that houses multiple banks?
The goal is to have one point of contact for multiple banks allowing them to spread your larger than $250k sum over numerous accounts seemlessly.

Wintrust Bank does this. They have 15 banks under their management, so they technically have FDIC insurance for up to $3.75MM.

Does anyone know of any other banks like this?

Any help would be greatly appreciated

Thank you!
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Old 12-07-2008, 08:46 PM   #2
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Many brokerage houses, including Schwab and Vanguard, offer FDIC insured CD's from various banks. You deposit your money into a brokerage account with one of them, then buy CD's just as you might buy stocks, bonds, mutual funds, etc.
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Old 12-07-2008, 08:54 PM   #3
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Certificate of Deposit Account Registry Service
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Old 12-07-2008, 09:19 PM   #4
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Is the general consensus that the FDIC will extend the $250k limit past 12/09?
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Old 12-07-2008, 10:45 PM   #5
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Quote:
Originally Posted by Ronnieboy View Post
Is the general consensus that the FDIC will extend the $250k limit past 12/09?
I don't see how they could lower it back to $100K without grandfathering long term CD's that were purchased with the $250k limit in place.
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Old 12-07-2008, 11:03 PM   #6
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Many banks offer CDARS:

CDARS

Through the Certificate of Deposit Account Registry Service SM, or CDARS SM, one Bank offers you a safe, convenient opportunity to put your cash to work, plus the benefit of FDIC insurance protection of every dollar. And your personal financial information is protected.

Until now, investors only had a few ways to enjoy full FDIC insurance on deposits larger than $100,000, such as open and maintain accounts with multiple banks or invest with one bank by transferring ownership and registering accounts to the names of family members or corporate affiliates.
Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS SM is a proven system that serves the needs of companies, organizations, individuals and nonprofits across the United States.
Through CDARS, large deposits may now be placed by your Bank into smaller-denomination CDs at multiple institutions. This service offers you

significant benefits:
  • Safety of FDIC insurance for large deposits. Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits exceeding $100,000 are eligible for full FDIC coverage, up to
    $50 million.
  • CD interest. Rates may compare favorably with those of other high-quality, fixed-income investments.
  • Management convenience. You may manage all of your CD investments through a single relationship.
  • Security of working with a trusted, local source. Your transaction is managed by the people you know and trust at your Bank.
  • Simplified record keeping. Your Bank will provide a consolidated 1099 that reports your taxable income.
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Old 12-08-2008, 01:43 PM   #7
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Keep in mind that if you are married you can open one account in your name, one in your wife's and then a joint account and each would get 250K FDIC insurance all at the same bank.

FDIC: Account Fully Insured
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Old 12-09-2008, 06:57 AM   #8
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Quote:
Originally Posted by mtyke View Post
I'm looking for a safe home for me and my family's money.
As we know, the FDIC insures individual accounts up to $250k.

But does anyone know of a single entity that houses multiple banks?
The goal is to have one point of contact for multiple banks allowing them to spread your larger than $250k sum over numerous accounts seemlessly.

Wintrust Bank does this. They have 15 banks under their management, so they technically have FDIC insurance for up to $3.75MM.

Does anyone know of any other banks like this?

Any help would be greatly appreciated

Thank you!
Capital One Bank does - you can have $500K spiting $250K in each. See this site: Direct Banking FDIC Information

BUT, remember the FDIC $250K insurance limit EXPIRES at 12/31/2009. Hopefully, it will be extended but who knows?
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