Insuring bank accounts

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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?

    Landlord Software


    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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