The Federal Deposit Insurance Corporation (FDIC) provides banks and customers with stability by protecting your money in deposit accounts in the event of a bank failure. The table below provides a breakdown of FDIC insurance coverage by account ownership category.
What is the FDIC, and what does it cover?
- The Federal Deposit Insurance Corporation (FDIC) provides banks and customers with stability by protecting your money in deposit accounts in the event of a bank failure.
FDIC Coverage Limits
- The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
- The maximum insurance coverage for a trust owner with five or more beneficiaries is $1,250,000. This amount applies to all trust accounts. This includes POD/ITF, revocable, and irrevocable trusts at the same bank.
| FDIC Deposit Insurance Coverage Limits by Account Ownership Category | |
|---|---|
| Single Account Ownership (Owned by one person, no beneficiaries) | $250,000 |
| Joint Account Ownership (owned by 2 or more persons, no beneficiaries) | $250,000 per owner |
| Certain Retirement Accounts (Including IRAs) | $250,000 per owner regardless of the number of beneficiaries |
Trust Accounts (with beneficiaries) Informal Revocable Trusts
| $250,000 per beneficiary, using the following formula: # of Owners x # of Distinct Beneficiaries x $250,000 = Amount Insured (Not to exceed $1,250,000 per owner for all trust accounts) |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent interest of each plan participant |
| Government Accounts | $250,000 per official custodian (more coverage available subject to specific conditions) |
How to know if your deposit-account is covered:
- FDIC insurance covers all types of deposit-accounts at FDIC insured banks. The FDIC does NOT cover non-deposit investment products (including those offered by FDIC insured banks).
Types of Accounts not Included:
| Types of Accounts Included:
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Knowing your FDIC insurance coverage allows you to make informed decisions about where and how to deposit your money safely. To determine your exact coverage, use the FDIC insurance calculator at https://edie.fdic.gov/calculator.html