Here are some hints on how to maximize your FDIC insurance
Keep separate single name accounts for each family member. A husband and wife can each have a single name account insured to $100,000—for a total of $200,000.
Use Uniform Gift to Minors Act (or Uniform Transfer to Minors Act) accounts, if permitted in your state. These accounts are insured as single name accounts under the minor’s name, not the parent’s or custodian’s.
Use multiple joint accounts with different owners. Use revocable trust accounts (i.e. Payable on Death [POD], In Trust For [ITF]).
A couple then could have at least $500,000 in insured revocable deposits in the following accounts.
Acct # 1–John Doe, $100,000
Acct # 2–Mary Doe, $100,000
Acct # 3–Joint Account, John and Mary Doe, $100,000
Acct # 4–John Doe, ITF Mary Doe, $100,000
Acct # 5–Mary Doe, ITF John Doe, $100,000
Total $500,000
The FDIC permits each person to have up to $100,000 in insured deposits payable on death to the spouse, to each child, and to each grandchild.
