A married couple each has an IRA and deposits at a bank. The couple also has one child. If they had the money,what is the total amount of their accounts that could be insured at one bank?

Question

Quizplus · Accepted Answer

Each individual can have up to $250,000 insured for their IRA and $250,000 for their deposits. Additionally, they can have $250,000 insured for each beneficiary (the child) in a revocable trust account. Therefore, the total insured amount is $250,000 (IRA) + $250,000 (deposits) per person, plus $250,000 per beneficiary, totaling $1,500,000.

A Married Couple Each Has an IRA and Deposits at a Bank