Can you have a million dollars in a checking account? No rule says you can't have a million dollars in a checking account, but FDIC insurance typically only covers up to $250,000. Plus, you can get a bigger return on your investment by keeping $1 million elsewhere.
Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank. Other millionaires have safe deposit boxes full of cash denominated in many different currencies.
The FDIC insures up to $250,000 per account holder, insured bank and ownership category in the event of bank failure. If you have more than $250,000 in the bank, or you're approaching that amount, you may want to structure your accounts to make sure your funds are covered.
Certificates of deposit issued by banks and credit unions are also insured for up to $250,000, guaranteeing your deposit and any interest returns you earn. Money market accounts are worth considering as well. They're FDIC-insured and combine features of checking and savings accounts.
If a couple has a joint money market deposit account, a joint savings account, and a joint CD at the same insured bank, each co-owner's shares of the three accounts are added together and insured up to $250,000 per owner, providing up to $500,000 in coverage for the couple's joint accounts.
Morgan Stanley
Morgan Stanley's Private Wealth Management division serves ultra-high net worth individuals and families with at least $5 million in investable assets.
Securities
Funds and stocks are the bread-and-butter of investment portfolios. Billionaires use these investments to ensure their money grows steadily.
Generally, there is no limit on deposits. However, there are limitations on the amount of funds the Federal Deposit Insurance Corporation (FDIC) will insure. Please refer to the Understanding Deposit Insurance section of the FDIC's website for more information on FDIC deposit insurance.
You can deposit up to $100 million for each account type. With this option, you may receive expanded insurance protection and still have the flexibility to access your funds when you need them.
The Short Answer: Yes. Share: The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
The short answer is “there is no limit to how much cash you can bring to the airport for a domestic or intentional flight.”
According to Knight Frank, ultra-wealthy investors (those with $30 million or more in net worth) allocate about 32% of their wealth to residential properties and around 21% to commercial real estate. Altogether, that's more than half of their assets in real estate.
The safest place to put $1 million dollars would be in a combination of insured bank accounts and conservative investments, such as bonds and CDs, to ensure a balance of liquidity and stability.
Stocks. Historically, stocks have provided the highest rate of return compared to other common investments, like savings accounts and bonds. That's why many wealthy people often invest heavily in the stock market. In fact, Warren Buffett advised his trustee in 2014 to put 90% of his funds into an S&P 500 index fund.
If you're looking for the safest place to keep your money, look no further than a savings account. Your money will be insured by the FDIC, and you'll have access to it at any time via an online transfer or a debit/ATM card, depending on the policies of your bank.
The $250,000 limit applies per depositor, per FDIC-insured bank and per ownership category. This means that by opening different accounts, you can end up with much more than just $250,000 in insured funds. Insurance limits apply to the entire depository institution – not individual branches.
X.com developed and operated a financial services website with banking services provided by First Western National Bank, an FDIC-insured bank in La Jara, Colorado. The company was initially funded by Elon Musk and Greg Kouri, who went on to fund Musk's later ventures: Tesla and SpaceX.
Best Banks for High Net Worth [2025]: Not Only for Millionaires. Chase Private Client Checking is our top pick for assets under $1 million, while J.P. Morgan Private Bank makes sense for assets over $10 million. This article was subjected to a comprehensive fact-checking process.
If you're using accounts that earn interest at a bank with only FDIC insurance, be sure your deposits are low enough that your balance with interest will be within the $250,000 limit. Once an account reaches the $250,000 limit, you can open another new account at another institution.
Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account.