Quote:
Originally Posted by Pitman
Since FDIC is insuring accounts up to $250K, I'll spread the 1Mil around 4 savings accounts, and just live off the interest. After I buy a 2009 M3 of course.  |
Careful. I believe the 250K FDIC coverage is only temporary and will revert back to 100K next year.
You don't want a savings account anyway. You could do CDs, as someone mentioned earlier, but you'd need more than 4, even with 250K of coverage, because as soon as the first interest payment posted, you'd be over the insurance limit.
Assuming a 100K limit, you'd need accounts at 10 or more different banks to keep the money fully insured.