Question

Angelo has $700,000 he wants to save. if the fdic insurance limit per depositor, per bank, is $250,000, which of these ways of distributing his money between three banks will guarantee that all of his money is insured?

Answer 1

The amount of $700,000 is advisable to be deposited in three different banks for safety of Angelo's money.

What is a bank deposit?

A deposit of money made with a bank to earn returns in the form of interest on such money is known as a bank deposit. The banks insure such deposits up to a certain limit, say $250,000.

Angelo can distribute his money into three different banks, with each deposit not exceeding $250,000 to ensure the safety of his bank deposits.

Hence, the way to insure the safety of Angelo's money via bank deposit is aforementioned.

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