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This happens in Canada for credit unions and some online banks. Fun fact, there exists a bug with EQ Bank where a deleted savings account still counts towards

• chirau 4y ago
  Why do you need 5 savings accounts?
  • wara23arish 4y ago
    The US only insured accounts up to 250K so its common to split up accounts for that reason. what a great problem to have
    • tdhoot 4y ago
      It's only $250K per account category per bank. So 5 savings accounts would only get $250K in coverage in total.
    • vineyardmike 4y ago
      That isn't how that works. Its $250k per account type, per institution. So 5 savings accounts at the same institution doesn't increase your insurance over 1. Some banks will "sweep" the excess funds into partner banks (which would increase protection).
      • wara23arish 4y ago
        Gotcha that makes sense.
    • danuker 4y ago
      Ouch @ inflation
    • FastEatSlow 4y ago
      Were the Canadian banks using US insurance?
  • jmalicki 4y ago
    Not sure exactly what is meant, but if this includes Certificates of Deposit, CD laddering was a frequent thing when interest rates were high enough to be worthwhile, where you'd want long-term CDs for the highest interest rates, but wan t to get the point of having some fraction of your CDs expire every month so you have liquidity, so you might have 60 5-yr CDs for instance, and somewhat less while you're working your way up to that