the advantages of the federally insured account is that
- it's generally safer because it's protected by the Insurance made by the federal government, In case the account is stolen, the government would return the amount,
- It's easier to make joint account if you're married.
The disadvantages is that:
- The interest of a federally insured account usually below the inflation rate. So technically the value of your account would reduced over time.
- it has a maximum amount of $ 250,000. You can put more to the account.
