is there a maximum amount I can have in 1 savings account?

Update:

I know the FDIC only insures $250k. If I win $100M in the power ball and decide to keep $10M of it in a savings account, I can earn 2% which is $200K. As long as I do not touch that 10M I can earn $200k/yr just from that and that is not even counting my other investments I would make

Update 2:

Ally bank pays 2% APY, that is much higher than my local banks and credit union

15 Answers

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  • Anonymous
    6 months ago
    Favorite Answer

    You’d never put 100M in a bank. Worst decision of your life. I believe there’s no limit but still, don’t put anything over 20k in a bank account. Open multiple for different purposes and a credit union account and invest some of it.

    • RICK
      Lv 7
      6 months agoReport

      Another anonymous know nothing giving advice

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  • B
    Lv 7
    6 months ago

    no, but if it exceeds the FDIC limit it will not be insured. good luck in the lottery, the chances are slim to none that you will win, sorry.

    • Amy
      Lv 7
      6 months agoReport

      You're more likely to be killed by a falling coconut than to win the lottery.

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  • 6 months ago

    I believe none, as long as you want to save there's nothing that can stop you.

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  • zipper
    Lv 6
    6 months ago

    Not really, but the FDIC only fully insure $120,000. after that you receive cents on the dollars above that amount.

    • RICK
      Lv 7
      6 months agoReport

      FDIC has not been that low in many years

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  • 6 months ago

    I'll play your game...

    You could put an amount above the FDIC insured limit in a single bank account. You wouldn't have FDIC insurance but you can require the bank purchase "Excess Deposit Insurance" or you wont move your money there...

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  • 6 months ago

    Hello

    Savings accounts are insured by the FDIC up to the maximum limit allowed by law, which is currently $250,000 per account holder..

    Enjoy your day

    • Casey Y
      Lv 7
      6 months agoReport

      You can certainly go higher.

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  • 6 months ago

    Technically, no. However, if you go over $250,000, then the rest won't be federally insured and can be lost if the bank fails.

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  • Judy
    Lv 7
    6 months ago

    No but LIMIT OF 250,000 on how much is FDIC insured.

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  • Anonymous
    6 months ago

    there are limits on how much is INSURED, but no limits on amount .....................

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  • Anonymous
    6 months ago

    That would be up to the institution if they have a max.

    If you are asking about the maximum protected amount, that's a different question.

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