Author Topic: Is there any reason NOT to keep more than $250K in a Synchrony savings account?  (Read 1589 times)


  • 5 O'Clock Shadow
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  • Posts: 48
I've been planning a major home renovation and socking away money in a Synchrony high-yield savings account (1.05%). I believe it's FDIC-insured up to $250K. I may soon get a bonus that would put me over that amount -- I'd like to keep the money liquid in the near term, just in case there are unforeseen expenses. Is there any danger in keeping more than the FDIC limit in the account? I can't really envision a scenario in which the bank would fail...but I figured I'd throw out the question to the Mustachian community for feedback. I suppose I could just open a second account, at Synchrony or a different high-yield savings bank...but this is going to be a pretty short-term situation and I can't really bring myself to do the extra work of setting up another account if I don't need to. Thanks for any feedback!


  • Walrus Stache
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  • Posts: 6833
  • Location: Northwest Indiana
As long as the bank doesn't fail, you'll be ok. If you do decide to open a 2nd account, go with a different bank. I can't remember if the $250k is per account or per bank...


  • Stubble
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  • Posts: 110
  • Location: SF Bay Area
Joint account?  If so, FDIC limit is $250K per account holder, for a total of $500K. This assumes the accounts do not have other beneficiaries.


  • Walrus Stache
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  • Posts: 5320
What are you doing to that house? building a whole second house that will marry it?