The Federal Deposit Insurance Corp. on Tuesday voted to simplify rules on joint accounts and some trust accounts.

Under the new rule, owners of a joint account will be insured for up to $100,000 each, not $100,000 total. For example, a husband, wife, and child with a $300,000 joint account would each be insured for $100,000, rather than $33,333 apiece under current law.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.