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Started By
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3
Posted on 6/4/23 at 4:11 pm to bayoudude
Same here. I did a bit of research and Cap One is the 9th largest bank in the country so it may fall in the “too big to fail” category. It probably depends on your risk tolerance. I figure I could quickly transfer the excess to Chase if rumors start, just to be safe.
Posted on 6/4/23 at 8:58 pm to BThibodeaux
just open a 2nd account, it is so fricking easy
Posted on 6/5/23 at 5:18 am to TigerTatorTots
COVERAGE LIMITS
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
Posted on 6/5/23 at 7:46 am to BThibodeaux
Is the limit 500k for joint accounts?
So if you had joint savings and checking accounts, you could be covered up 1M?
So if you had joint savings and checking accounts, you could be covered up 1M?
Posted on 6/5/23 at 8:23 am to LSUSports247
The limit for a joint account is $500,000, calculated at $250,000 per depositor. Adding a joint checking account would not expand the coverage for the same depositors.
If the checking account is not a joint account, it would be classified as being in another category and that depositor would be covered up to $250,000.
The FDIC site explains the different categories. I would suggest reviewing that and calling the financial institution to verify.
There is one additional option to consider. I was told by a Capital One representative that the FDIC expands coverage if additional beneficiaries are added to an account. It was suggested to go to the FDIC site and type EZIE in the search box that brings you to a calculator that helps estimate coverage. I’m not familiar with that approach but it may be worth your time.
If the checking account is not a joint account, it would be classified as being in another category and that depositor would be covered up to $250,000.
The FDIC site explains the different categories. I would suggest reviewing that and calling the financial institution to verify.
There is one additional option to consider. I was told by a Capital One representative that the FDIC expands coverage if additional beneficiaries are added to an account. It was suggested to go to the FDIC site and type EZIE in the search box that brings you to a calculator that helps estimate coverage. I’m not familiar with that approach but it may be worth your time.
This post was edited on 6/5/23 at 9:18 am
Posted on 6/5/23 at 9:14 am to bayoudude
quote:
Man I am very tempted to exceed fdic limits with these kind of rates. How concerning would that be ?
Just curious as to why you’d be tempted to exceed FDIC limits at one institution, when many institutions are offering the same or similar yields?
Also, there are other short term, liquid products which offer even higher yields.
Posted on 6/5/23 at 9:46 am to Jag_Warrior
I just opened one as well. it was easy since i already had capital one banking. Thanks for the heads up.
Posted on 6/5/23 at 10:13 am to Jag_Warrior
quote:Yea I don't get it. It is so easy to open a bank account nowadays with apps or the internet
Just curious as to why you’d be tempted to exceed FDIC limits at one institution, when many institutions are offering the same or similar yields?
Posted on 6/6/23 at 6:14 pm to TigerTatorTots
Opened up a high yield savings account with Cap One 4 years ago and was .4%. It has done nothing but gradually go up for four years all the way up to the 4% you see today.
Posted on 6/7/23 at 10:04 pm to bayoudude
Just spread it over different accounts.
Posted on 6/8/23 at 7:12 am to Skervix
(no message)
This post was edited on 6/8/23 at 7:14 am
Posted on 6/14/23 at 10:38 pm to VermilionTiger
4.10% as of 06/14
Posted on 6/15/23 at 1:57 pm to VermilionTiger
quote:
4.10% as of 06/14
Wealthfront is 4.55%.
Posted on 6/16/23 at 6:08 am to VermilionTiger
Nice!!
Posted on 6/16/23 at 8:53 am to VermilionTiger
thanks baws!! i had a capital one savings account earning .8%. closed it and transferred everything over to now earning 4.10%. It literally look 5 minutes.
Posted on 6/16/23 at 9:14 am to Pezzo
M1 finance is offering 5% savings account. I use them as my brokerage too.
Posted on 6/16/23 at 10:38 am to Drizzt
Capital One Kids Savings account rate is abysmal.
Posted on 6/16/23 at 5:59 pm to lsu13lsu
We are using Fierce. They just bumped up to 5%. Also there is an FDIC calculator on the FDIC website.
Posted on 6/16/23 at 9:45 pm to MSTiger33
This may be a dumb question. But how do I know I’m not getting tricked with these various online banks? Don’t want to send a large sum of money to some random scam.
Maybe I’m old school but I feel comfortable driving up to a bank that says FDIC insured out front.
Thanks
Maybe I’m old school but I feel comfortable driving up to a bank that says FDIC insured out front.
Thanks
This post was edited on 6/16/23 at 9:49 pm
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