We keep a fair amount in several savings accounts-we have our more liquid funds such as our vehicle account, home emergency repair account, and general emergency account all in savings accounts. They are not as readily available as checking, but still accessible in the event that we need them. When it comes time to purchase another vehicle (or should we need a major repair) we can simply transfer the money into the checking account. Same with an emergency home repair (storm damage for example). We can quickly have funds available to our checking account to emergency expenses, we know exactly how much we have in each savings account, and when we've built up the savings account to levels that are higher than we'll ever need we can easily transfer the excess to longer-term investments with higher interest rates.
Originally Posted By: JHZR2
Somewhere around or not much above $100k, FDIC stops insuring against loss, so is probably the right practical limit.
Try again.
FDIC Insurance
Originally Posted By: FDIC
FDIC deposit insurance covers the depositors of a failed FDIC-insured depository institution dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default,
up to at least $250,000 per depositor.
For example, my wife could have $250,000 as a depositor, and I could have $250,000 as a depositor, and our entire $500,000 would be covered by FDIC in the event of a bank failure.
Originally Posted By: JHZR2
To "protect us" against terrorism and laundering, savings accounts are now limited to six transactions per month.
Regulation D only applies to specific types of transactions. Incoming transactions are not limited, and Regulation D does not place the six-time transfer limit on outbound savings or money market account transactions initiated in person, via messenger or mail, over-the-counter withdrawals and transfers, ATM withdrawals and transfers, or installment loan repayments.
