What does the FDIC do?
- The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for up to $250,000 by identifying, monitoring, and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
What types of accounts are eligible for FDIC insurance?
- FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW, and savings accounts, money market deposit accounts and certificates of deposit (CDs) up to the insurance limit.
- The FDIC does not insure the contents of safe deposit boxes, money you invest in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if you purchased these products from an insured bank or savings association.
What are the basic FDIC coverage limits?*
- Single Accounts (owned by one person): $250,000 per owner
- Joint Accounts (two or more persons): $250,000 per co-owner
- IRAs and other certain retirement accounts: $250,000 per owner
- Revocable trust accounts: Each owner is insured up to $250,000 for the interests of each beneficiary, subject to specific limitations and requirements
*These deposit insurance coverage limits refer to the total of all deposits that account holders have at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
For more information about the FDIC visit www.FDIC.gov