How much money can be deposited in a savings account
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No Legal Limit
: In most countries, there is no legal limit on how much money can be deposited into a savings account.
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Bank Policy Limits
: Some banks may have internal policies that impose limits on the maximum balance for certain types of savings accounts.
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FDIC/Insurance Coverage
: In the U.S., the FDIC insures deposits up to $250,000 per depositor, per bank. Amounts over this limit may not be insured.
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Tax Implications
: Large deposits may trigger tax reporting requirements, but there is no restriction on the amount that can be deposited.
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Interest Rate Tiers
: Some savings accounts offer tiered interest rates, where higher balances may earn a higher interest rate.
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Account Fees
: Some savings accounts may have fees if the balance exceeds or falls below certain thresholds.
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Government Monitoring
: Large deposits may be subject to scrutiny by financial authorities, especially if they exceed certain reporting thresholds.
Bank-Specific Rules
: Always check with your bank for any specific rules or restrictions on deposit amounts for savings accounts.