Your source for FDIC coverage limits, and other questions about deposit insurance TheFederal Deposit Insurance Corporation, commonly known as the FDIC, was created as part of the 1933 Banking Act. This independent federal agency was established to restore trust in financial services institutions followi...
for FDIC insurance or even to request it; coverage is automatic, up to the insurance limits described, whenever a deposit account is opened at an FDIC-insured bank or savings association. To learn more about the FDIC’s insurance coverage rules and requirements, refer to the following resources...
(*See “Revocable and Irrevocable Trust Accounts” for more information on how deposit insurance is calculated for these types of accounts.) How do I know what’s covered? For more information about the different FDIC ownership categories and the amount of coverage available to you or your benef...
Richard P. EckmanTimothy R. McTaggart
Don’t fret, though, because the next-most-important thing to know about FDIC coverage is that you can be insured for much more, depending on where you keep your accounts and how they are owned. One way to make sure all of your money is insured is to spread it across multiple institut...
Currently, the coverage limits are $100,000 per depositor per bank for individual, joint, and trust accounts, and $250,000 for self-directed retirement accounts. Business accounts are also insured up to $100,000. You qualify for more than $100,000 coverage at a single bank, provided your...
Revocable trust accounts are insured up to $250,000 per owner, per beneficiary An example of $1,250,000 in coverage: Account OwnerDeposit TypeAccount Balance SueCertificate of Deposit$250,000 BobMoney Market Account$250,000 Bob & SueSavings Account$500,000($250,000 per person) ...
$250,000 for each beneficiary up to five (more coverage available with six or more beneficiaries subject to specific limitations and requirements) Irrevocable Trust accounts $250,000 for the non-contingent interest of each unique beneficiary. Funds representing contingent interests are insured up to...
Revocable and irrevocable trust accounts Employee benefit plan accounts Corporation/partnership/unincorporated association accounts Government accounts So, for example, a single depositor can be eligible for $250,000 of coverage for funds held at a specific FDIC-insured bank in a single account, plus ...
Checking accounts, savings accounts, CDs, andmoney market accountsare generally 100%-covered by the FDIC. Coverage extends toindividual retirement accounts (IRAs), but only the parts that fit the type of accounts listed previously. Joint accounts, revocable and irrevocable trust accounts, and employe...