What bank do rich people use?
What bank do rich people use? Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultra-rich, such as personal bankers, waived fees, and the option of placing trades. The ultra rich are considered to be those with more than $30 million in assets.
How much money can be held in a bank account?
The standard insurance amount provided for FDIC-insured accounts is $250,000 per depositor, per insured bank, for each account ownership category, in the event of a bank failure.
How do millionaires deposit their money?
Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills that they keep rolling over and reinvesting. They liquidate them when they need the cash.
How much is too much in savings?
The danger of too much in savings
(FDIC), which covers up to $250,000 per person, per account type at an FDIC-insured bank, means that your savings are protected by the federal government if your bank fails.
