FDIC insured

[Carol1862]

In this scenario are we covered (all money is at same institutions)

1). Husband has $250k in IRA
2) Wife has $100k in IRA
3). They have a joint CD for $150?

In other words, since he already has $250 in his name does any of the joint CD count? Does it get split in terms of coverage? (His $250 and then $75 from joint counting towards FDIC)

Thank you. Googling is getting me confused.

 

[njhowie]

It goes by registration. Husband is one registration. You are another registration. Joint is another registration. Each individual gets $250k in their own account, and then an additional $250k in a joint registration - so that joint CD (or all joint accounts combined) can be up to $500k.



https://www.ally.com/bank/fdic/

Pool your money into joint accounts.
Joint accounts are insured separately from accounts in other ownership categories, up to a total of $250,000 per owner. This means you and your spouse can get another $500,000 of FDIC insurance coverage by opening a joint account in addition to your single accounts. And adding another joint account owner—like a parent—adds another $250,000 in coverage, and so on.

 

[Carol1862]

Thank you. Good news