Advice from the FDIC

Submitted by georgiana on Sun, 08/29/2010 - 21:44.

The FDIC offers advice on how young people can save money, how not to spend too much on savings and checking accounts and the increase in the insurance limit in the summer 2010 edition of FDIC Consumer News. For a long time only 100,000 was protected in each account but that amount has more than doubled to 250,000.

"With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs (certificates of deposit) above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013," said FDIC Chairman Sheila C. Bair.

For all the details and the other articles click here: http://www.fdic.gov/news/news/press/2010/pr10197.html.