Federal Deposit Insurance

The standard deposit insurance amount is $250,000 per depositor, per ownership category, at an insured bank.

No, the FDIC is an independent government agency and its insurance coverage is consistent across all insured banks.

• Single Accounts (owned by one person): $250,000 per owner. All single accounts owned by the same person at the same bank are added together and insured up to $250,000
• Joint Accounts (owned by two or more persons): $250,000 per co-owner. Each co-owner’s share of every joint account at the same bank are added together and insured up to $250,000
• Certain Retirement Accounts (includes IRAs): $250,000 per owner
• Revocable Trust Accounts, including “Payable on Death” or “In Trust For” accounts (POD/ITF): generally $250,000 per owner, per unique beneficiary
• Corporation, Partnership or Unincorporated Association Accounts: $250,000 per corporation, partnership or unincorporated association

The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership, which the FDIC refers to as “ownership categories.” This means a bank customer who has multiple accounts at an insured institution may qualify for more than $250,000 in insurance coverage if the customers funds are deposited under different ownership categories and the requirements for each ownership category are met.

For example, if the customer has a single account, and a joint account with their spouse, the single account would be insured up to $250,000, and the joint account, with two owners, would be insured separately from the single account, up to $500,000.

In another example, a revocable trust account – which includes accounts designated as payable on death (POD) – with one owner, naming three beneficiaries, can be insured up to $750,000.

Note: These examples assume that these accounts are the only accounts owned by these parties at the insured bank.