a bank that would ensure you for millions

Reply #8

rabbitfoot — Fri, 10 Dec 2004 01:50:33 GMT

Yes, you could deposit up to $5-million in your name under your social security number and your spouse could do the same.

Reply #7

luckylottolady — Thu, 09 Dec 2004 08:00:20 GMT

thank you everyone,i appreciate everyone answering my question and helping me. i wondered how that would work,i knew that regular banks insured for 100000. i didnt know if there was a special bank,for people with millions that would ensure for higher amounts. that would be set up for that kind of money.i like the idea about the cdars cd's. i was going to find alot of banks and put 100000 in each one.lol. in my name and my husbands name(200000 per bank)if i ever won. and i would check into get... [ More ]

Reply #6

fwlawrence — Thu, 09 Dec 2004 04:42:37 GMT

I am sure you could buy additional insurance through the bank for amounts over $100,000.

Reply #5

JimmySand9 — Thu, 09 Dec 2004 01:34:33 GMT

The highest I know of is offered by ING, 2.75%.

Reply #4

noahproblem — Thu, 09 Dec 2004 00:56:31 GMT

Keep in mind that movie is about 20 years old (1985, IIRC), and back then interest rates were higher (the prime rate was about 10%, as opposed to 4-5% now - even a simple passbook savings account paid 5% back then - now you'd be lucky to get 1-2%). Plus, even back then I think 24% was just a fictitious number, anyway.

Reply #3

rabbitfoot — Thu, 09 Dec 2004 00:36:15 GMT

There is a way to deposit up to $5-million in CD's and every dime of it is insured by the FDIC insurance. And, it is done through just one bank. It's called CDARS, or pronounced cedars. I got this infomation off of-- Bankrate.com.So, goto to www.bankrate.com and do a search on their site for CDARS to read all about this method.After you laid aside $5-million using this source, you could always buy into 5-7 yr. bonds to conserve your bankroll. However, you will not get any where near 24% intere... [ More ]

Reply #2

four4me — Wed, 08 Dec 2004 16:22:46 GMT

On the front door or window of any federal bank in the usa they will list the amount that your money is insured for. I'm pretty sure it is only insured up to $100.000 i found the link below to the insurance corp. This dosent mean that you can't or shouldn't put more that 100,000 thous. in their bank it only means that in the dvent of wall street crashing or bank forclosure that your only insured for 100 grand. This is another reason to hire a financial advisor if you win the lottery for a large... [ More ]

Reply #1

twisted — Wed, 08 Dec 2004 15:04:06 GMT

Quote: Originally posted by luckylottolady on December 8, 2004 is there a bank that exists,like the one in brewsters millions,that would ensure all youre money? and pay you alot of interest,in the movie it wass 24%,i know it wouldnt be that much now. the bank was somewhere in new york,i think. if anyone knows it would be greatly appreciated.cause if i win - i would hate to haft to find alot of banks to put the money in.100000 per bank. lolTo answer your question first. I dont know what bank you

a bank that would ensure you for millions

luckylottolady — Wed, 08 Dec 2004 08:27:45 GMT

is there a bank that exists,like the one in brewsters millions,that would ensure all youre money? and pay you alot of interest,in the movie it wass 24%,i know it wouldnt be that much now. the bank was somewhere in new york,i think. if anyone knows it would be greatly appreciated.cause if i win - i would hate to haft to find alot of banks to put the money in.100000 per bank. lol