I just moved a chunk of money from a WAMU internet savings account over to a money market account yesterday…talk about timing. The extra amount wasn’t insured. Apparently, you are covered up to $200,000 if you have a joint account (each person is covered $100K). If you are over that amount, you can open an additional account in one person’s name and be covered again for up to $100,000 as a single account holder. The key is to name beneficiaries for all accounts. The manager wrote up a scenario where I could be insured for up to $800,000 within one bank by mixing up accounts (single, joint, different beneficiaries). I wish I had $800K to put away.
