New FDIC savings account insurance expires in 2009
Posted on October 19th, 2008 in Fdic Insurance |
Many Americans were pleased to seee that the FDIC raised the insurance amount on bank accounts to $250,000 from $100,000.
One thing you need to be aware of is this: The raise is temporary and is bound to expire on Dec 31, 2009.
It is essentially a temporary action to ease jittery investors about their savings and prevent a run on the banks during the current global financial crisis.
Smart investors (such as readers of Money Market Monitor) can easily get as much insurance as they need if they’re willing to use multiple banks. If you have $300,000 that you would like to deposit in a high-yielding savings account you simple open up three accounts at three different FDIC-insured institutions and you’re good to go.
For more information about the new temporary increased FDIC coverage please visit this information page at FDIC.gov
