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FDIC Deposit Insurance

Federal Deposit Insurance Corporation (FDIC)

The FDIC is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails.  FDIC deposit insurance is backed by the full faith and credit of the United States government.  Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs).  FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

There is no need for depositors to apply for FDIC insurance or even to request it.  Coverage is automatic.

FDIC Deposit Insurance Coverage Limits

To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits.  The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.  The table below shows standard insurance amounts for FDIC account ownership categories:

 

Single Accounts (owned by one person)

$250,000 per owner

Joint Accounts (two or more persons)

$250,000 per co-owner

IRAs and certain other retirement accounts

$250,000 per owner

Trust Accounts

$250,000 per owner per beneficiary subject to specific limitations and requirements

Corporation, Partnership and Unincorporated Association Accounts

$250,000 per corporation, partnership or unincorporated association

Employee Benefit Plan Accounts

$250,000 for the non-contingent, ascertainable interest of each participant

Government Accounts

$250,000 per official custodian

 

Calculate FDIC Insurance Coverage

  • Use the FDIC's online Electronic Deposit Insurance Estimator(EDIE) here.
  • Read more about FDIC insurance online at www.fdic.gov/deposit/deposits
  • Call toll-free at 1-877-ASK-FDIC (1-877-275-3342).