Can insurance coverage be increased by dividing my deposits into several different accounts at the same insured bank?
A. Deposit insurance coverage can be increased only if the accounts are held in different categories of ownership. These categories include the four most common consumer ownership categories: single accounts, self-directed retirement accounts, joint accounts, and revocable trust accounts; and the less common ownership categories: irrevocable trust accounts, employee benefit plan accounts, corporation, partnership and unincorporated association accounts, and public unit accounts.
