Is it ok to have high amount of money in a single bank account ?what are the pros and cons?

When Hurricane Katrina hit, many banks were physically under water. Individuals could not access their bank accounts at all. I'm sure many of the account holders wished they had a second account located somewhere else.

Someone else has already covered, what if the bank fails. Even the federally insured money can take a while to get back.

Pros: easy to keep track of. One password to remember, no need to add up the total, there is always money in the account that you spend from.

Cons: only $250,000 per account is insured against a bank failure.

If your account gets hacked you lose everything.

As for bank vs. other investments: cash loses its value over time due to inflation. If you aren't going to spend all of that money immediately, it's better to buy bonds.

I don't know what you consider a high amount of money but, I try not to keep much in any number of bank accounts. Better to keep the bulk of your dough invested.

you are insured up to $250,000 per acct - and it makes no sens to keep anywhere near that money in a bank earning zero income