How do I insure large amounts of cash?

[questions]

What is the best way to save over $2 million (cash) in a savings or brokerage account and be insured? I've read that some bank accounts are insured up to $100,000 and some brokerage accounts are insured up to $1 million.

Thanks for your attention

[cooliemae]

FDIC insured accounts are insured up to $100,000 per individual per institution. So I guess you could set-up 20 accounts at 20 different institutions and you'd be a-ok.

[Joan.of.the.Arch]

As I was sipping coffee this morning, I heard the tail end of a radio commercial in which they said "FDIC-like insurance up to $50,000,000." Gulp. It was an institution I had never heard of. I wanted to Google it and find out who the insurer is, but I forgot the name of the institution already. I'll keep my ears open for a repeat of the commercial.

A quick look comes up with this:
Metropolitan National Bank - Personal Service. Global Perspective. - Services

[noppenbd]

As Joan of the arch mentioned, the right way to do it is with a CDARS account:

Certificate of Deposit Account Registry Service

It is true FDIC insurance, achieved by splitting the account into smaller pieces at different institutions while allowing you the convenience of one account.