The key concept to keep in mind is that the FDIC limit of $250,000 is per person, per institution. And with those italicized words in mind, there are a few ways to potentially get more coverage.

Consequently, investors with $250,000 in a revocable trust and $250,000 in an irrevocable trust at the same bank may have their FDIC coverage reduced from $500,000 to $250,000, according to Tumin.

The FDIC was formed in 1933 and offers coverage to more than 5,000 institutions as of March 2021. That figure doesn’t include credit unions, which are insured by a separate entity, the National ...