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.

With joint owners, each person is allowed $250,000 in FDIC coverage, for a total of $500,000 per joint account. And it doesn't matter if one person puts in more money than the other.

But if one of those accounts had a joint owner, such as a spouse or parent, you’d be covered up to $500,000. The NCUA offers the same coverage limits for depositors who keep money at credit unions.

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 ...