Max helps you manage your balances within your online savings accounts so as to stay below the FDIC insurance limit at each bank.
The current FDIC insurance limit is $250,000 for individual accounts or $500,000 for joint accounts ($250,000 per account holder). To specify your account type, simply select the gear icon next to the FDIC Coverage Strategy in the Optimized Savings box on your Max Dashboard, click on “Individual” or “Joint,” and Max will take your preferences into account when proposing your next optimization.
If you wish to specify Custom limits per account, either because you wish to exceed the FDIC limit, or because you already have a CD or other account at one of these institutions and desire to keep a smaller amount in each savings account, you can set your own balance limits on an account-by-account basis, per the attached illustration:
1. Navigate to "Profile" > "Account Settings"
2. In the FDIC COVERAGE STRATEGY section, select “Custom” FDIC Coverage
3. In the SAVINGS ACCOUNT SETTINGS section, set your desired maximum target balance for your savings accounts
4. Click the green "Save your Maximum Balance Settings" button to save your changes
Your new settings will be taken into effect upon your next optimization.