Expanded FDIC Deposit Insurance Protection › Preferred Bank (2024)

All deposits at Preferred Bank are covered by the standard FDIC Insurance amount of $250,000 per customer. If your deposits exceed $250,000, we offer additional FDIC insurance coverage through IntraFi® Network Deposits CD accounts and DDA/MMDA accounts. When you utilize these services, we’ll split your deposit into increments less than $250,000 and place these funds across our network of well-capitalized banks. With this arrangement, your entire deposit will remain fully protected, while you continue to work with Preferred Bank.

Certificate of Deposit (CD) Accounts

With CD accounts, you can access insurance on deposits up to $50 million and earn interest rates comparable to CDs. Maturities range from 4 weeks to two years.

Demand Deposit Account (DDA) & Money Market Deposit Account (MMDA)

DDA/MMDA allows you to place funds into demand deposit and/or money market deposit accounts. You can deposit up to $100 million for each account type. With this option, you may receive expanded insurance protection and still have the flexibility to access your funds when you need them.


Access to FundsEarly withdrawals before maturity are subject to penaltyAnytime without penalty
Maximum Deposit Limit$50 Million$100 Million
Combined Deposit Limit*$150 Million$150 Million
Account HoldersCustomers who want FDIC insurance coverage on large deposits and do not require immediate access to funds.Customers who want FDIC insurance coverage on large deposits and need liquidity with their funds.

1.* Higher deposit limits may be accepted on exceptional basis.

2. Funds may be submitted for placement only after a depositor enters into the IntraFi Network Deposits CD or DDA/MMDA Deposit Placement Agreement with Preferred Bank. The Agreement contains important terms and conditions regarding the placement of funds by us. Please read the agreement carefully before signing it. Both CD accounts and DDA/MMDA accounts incur a monthly fee.

3.Contact our branch for the details or call us toll-free at (888) 673-1808.

Expanded FDIC Deposit Insurance Protection › Preferred Bank (2024)


Can I have more than $250000 of deposit insurance coverage at one FDIC-insured bank? ›

Q: Can I have more than $250,000 of deposit insurance coverage at one FDIC-insured bank? A: Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled.

What bank will insure $100 million dollars? ›

Enjoy the VeraBank relationship you know and trust, with deposit insurance up to $100,000,000.

What is FDIC deposit insurance generally limited to ________________ per depositor per bank? ›

If you have accounts at different FDIC-insured banks, the limit applies at each bank: $250,000 per depositor for each account ownership category.

How to expand FDIC coverage? ›

Opening accounts with different ownership categories, such as joint accounts or trusts, can also increase FDIC insurance coverage. Other options for insuring excess deposits include brokerage accounts and credit unions.

Where do millionaires keep their money if banks only insure 250k? ›

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

Is it bad to keep more than $250,000 in one bank? ›

The FDIC insures up to $250,000 per account holder, insured bank and ownership category in the event of bank failure. If you have more than $250,000 in the bank, or you're approaching that amount, you may want to structure your accounts to make sure your funds are covered.

Where do millionaires keep their money insured? ›

Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank. Other millionaires have safe deposit boxes full of cash denominated in many different currencies.

What bank do most millionaires use? ›

The Most Popular Banks for Millionaires
  1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
  2. Bank of America Private Bank. ...
  3. Citi Private Bank. ...
  4. Chase Private Client.
Jan 29, 2024

How to safely store deposits if you have more than $250000? ›

How to Protect Large Deposits over $250,000
  1. Open Accounts at Multiple Banks. ...
  2. Open Accounts with Different Owners. ...
  3. Open Accounts with Trust/POD [pay-on-death] Designations. ...
  4. Open a CD Account, or Money Market Account, with a bank that offers IntraFi (formerly CDARs) services.
Mar 17, 2023

Does FDIC cover two accounts at the same bank? ›

The FDIC adds together the balances in all Single Accounts owned by the same person at the same bank and insures the total up to $250,000.

Are joint accounts FDIC insured to $500,000? ›

If a couple has a joint money market deposit account, a joint savings account, and a joint CD at the same insured bank, each co-owner's shares of the three accounts are added together and insured up to $250,000 per owner, providing up to $500,000 in coverage for the couple's joint accounts.

Does adding beneficiaries increase FDIC coverage? ›


Should you have multiple bank accounts for FDIC? ›

The FDIC refers to these different categories as “ownership categories.” This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage, if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.

How do I insure $2 million in the bank? ›

Theoretically, you could insure $1 million or more by opening multiple accounts and maxing out your FDIC coverage limits. For instance, you could open four savings accounts at four different banks with $250,000 each.

What is the best bank for large amounts of money? ›

These 10 checking accounts are designed with the wealthy in mind and are intended for banking clients who desire convenient access to cash with premium benefits.
  • TD Bank Private Banking.
  • Truist Wealth Checking.
  • PNC Private Bank Checking.
  • BNY Mellon Cash Management Access Account.
  • Chase Private Client.
  • The Bottom Line.

Can you have multiple FDIC insured accounts at the same bank? ›

The FDIC adds together all single accounts owned by the same person at the same bank and insures the total up to $250,000.

Can you have multiple FDIC accounts at one bank? ›

You and your spouse each can open individual accounts at a single bank, resulting in each of you having up to $250,000 FDIC-insured. You can then also open a joint account and each has $250,000 insured in that account. Between those three accounts, you could have up to $1 million FDIC-insured at one bank.

How to insure more than 250k FDIC? ›

Here are four ways you may be able to insure more than $250,000 in deposits:
  1. Open accounts at more than one institution. This strategy works as long as the two institutions are distinct. ...
  2. Open accounts in different ownership categories. ...
  3. Use a network. ...
  4. Open a brokerage deposit account.

How much FDIC insurance can I have at one bank? ›

The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank.


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