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$100,000 FDIC Insurance

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    $100,000 FDIC Insurance

    I know you can get around the $100,000 FDIC insurance limit by opening accounts in different ownership categories, but that only really applies to married folks and joint accounts. I'm single, so for non-retirement money I'm really limited to $100,000 per institution.

    I can open accounts with multiple banks to get around the insurance limit, but that's such a pain to keep track of, and banks merge all the time which is likely to constrict my coverage since it's by charter.

    I've read a little about CDARS, which is a solution where you have a "main" account that the bank holds in multiple partnered banks without the hassle of managing it yourself. You supposedly get one statement, and only work directly with your "main" local bank. It sounds like a good way to go, and there are several partner choices in my area. Insurance coverage can go up to $50M.

    As a single person, what's the best way to make sure all my money is insured? Anyone have any experience with this, or with CDARS? Anyone have money in IndyMac or another bank that went under?

    There are a few banks out there that I don't think you need to worry about failing such as BofA, JP Morgan Chase, Wells Fargo if you really don't want to put your money into a bunch of different institutions.