from Hacker News

Ask HN: Any aggregated banking service since FDIC protects only $250k

by wbsun on 3/11/23, 9:30 PM with 3 comments

Read through the SVB news, just learned that FDIC only protects up to $250k cash for you in each bank. So just a naive thinking: is there any sort-of aggregation service existing to help automatically spread your $10M fat wallet into 40 banks, and auto-withdraw if you need more than $250k.

I don't think super-rich will need this though.

  • by nvader on 3/11/23, 9:37 PM

    Yep, this exists. Look for IntraFI or MaxSafe.

    In more detail in this article: https://www.nerdwallet.com/article/banking/how-to-insure-you...

  • by Bostonian on 3/11/23, 9:43 PM

    Besides what nvader mentioned, a government money market fund from a big managers such as Vanguard or Fidelity should be safe. You can also buy Treasury bills and bonds directly from the government through TreasuryDirect.

  • by PaulHoule on 3/11/23, 10:14 PM

    Back when Merrill Lynch was a full-service broker and CDs paid enough interest that you'd care, your broker could look up CDs offered by various banks and also a secondary market of CDs that people wanted to sell and you could invest money FDIC insured that way.