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Someone wants to find out the best way to insure bank accounts. This person has more than $250,000 dollars in an account. Only $250,000 would be insured by the government. What is your experience with insuring large accounts? Are the insurance premiums less than the interest paid by the banks?
You could create a sweep account. With sweep accounts when the deposits exceed a threshold you set they are distributed into more accounts so that they all receive the $250,000 government insurance coverage. The money can be shifted into regular accounts when needed. Sweep accounts typically pay annual interest of 0.2% or more.
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