Released: November 16, 2008

Keeping your cash safe

Source: Anne Kates Smith, Kiplinger's [Washington Post]

Many depositors feel safer now that the Federal Deposit Insurance Corp. has, at least through 2009, raised insurance limits from $100,000 to $250,000 per individual account. Joint accounts are covered at $250,000 per co-owner; retirement accounts, up to $250,000; and trust accounts, up to $250,000 per beneficiary.

Not enough? Stretch your coverage by spreading cash among several banks. A couple of services will help you do this without sacrificing your shoe leather.

The Certificate of Deposit Account Registry Service, or CDARS, can cover up to $50 million in deposits, working with a network of some 2,500 banks. To find a CDARS member bank near you, visit http://www.cdars.com. 

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