This article explains how to legally get more than $100,000 in FDIC insurance for your account using “Payable-on-death” (POD) accounts also known as testamentary or Totten Trust accounts.

FDIC Insurance is issued by the “Federal Deposit Insurance Corporation” an independent agency of the US Government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails  
 
You should first check with the FDIC web site (listed below) or call toll-free (1-877-275-3342) to see if your bank is insured before you buy a CD.   

If your bank is listed as having current FDIC insurance, then you can feel confident you will get your money back should the bank fail.

How to get more than $100,000

Basic FDIC insurance is $100,000 per account. A married couple with 3 children can have up to $800,000 at a bank using “Payable-on-death” (POD) accounts also known as testamentary or Totten Trust accounts.  These informal revocable trusts are created when the account owner signs an agreement stating that the deposits will be payable to one or more named beneficiaries upon the owner's death.  For example:

Account Title	Account Balance	Amount insured
Bill POD to Sue	$ 100,000	$ 100,000
Sue POD to Bill	$ 100,000	$ 100,000
Bill & Sue POD to 3 children	$ 600,000	$ 600,000
Total	$ 800,000	$ 800,000

After you find a bank with the best CD rate with FDIC insurance, you can ask them for more information about POD accounts that allow you to have more than $100,000 in FDIC insurance.  The banks usually have a pamphlet from the FDIC that explains it in more detail.  BEWARE!  The bank will often try to sell you an annuity which is better for them in the long term.  Make sure you read "Beware of Annuities" first. 

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