We have all been made aware of the recent news regarding SVB and the possibility of individuals losing their deposits that exceed the FDIC insured limit. Given that this limit is not particularly high, there are concerns regarding whether individuals will lose all of their funds that exceed the insured limit.
What options are available to individuals who hold funds exceeding the FDIC insured limit for a single account? Apart from maintaining accounts across multiple banks, are there any other viable alternatives? TIA.
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>Given that this limit is not particularly high
Why do you say this?
According to the data [here](https://www.bankrate.com/banking/savings/savings-account-average-balance/) (for 2019) the median amount Americans have in savings accounts is $5,300. Even for people earning $90-100k (the highest group shown) median savings are $70k, and average $230k.
So only a tiny proportion of people will have enough for the FDIC limit to matter. Those who do, and want to keep it as bank savings, should probably just set up another account with a different bank. It’s not like that’s particularly hard.
(Note that most of people’s wealth, especially in older groups, is in pensions and property, so there’s a big difference between bank savings and total financial wealth.)
The US limit is actually higher than the UK (£85k) or the EU minimum (€100k)
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