[extra88]

*A common use-case for millionaires. FDIC limits are $250,000 per-institution, per-account owner, per-account type (CD, money market, savings, checking) and my understanding is joint accounts are considered separate owners so two spouses could have up to $750,000 in CDs at a single bank and be fully insured.

[mruts]

30% of households have an aggregate net worth above 250k. So the situation GP in describing is probably very common.

[sverige]

But the majority of that 30% with a net worth above $250k have most of it in the form of their house, not CDs.

[bscphil]

The portion of households that have $250k in the bank is no doubt much less than 30%.

[astura]

I don't believe that most high net worth households are that cash heavy.

I have well over $250k net worth, the vast majority of our assets are in brokerage and retirement accounts. We have only $60k in cash.