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Ask Dave

Open Account To Decrease Risk?

Does opening another bank account at the same bank help you if you have over $100,000 in the account?

QUESTION: Listener’s in-laws have over $100,000 in one bank account. Do they need to open another account in the same bank?.

ANSWER: Not if there are 2 names on the account. If there are 2 names on the account, a husband and wife are covered for up to $200,000. If you are over that, you may want to open an account at another bank. But you can’t do it by opening different accounts at the same bank.