The Federal Deposit Insurance Corporation (FDIC) insures all checking and NOW deposits, savings accounts, money market deposit accounts and certificates of deposit at insured banks up to the insurance limit. FDIC insurance covers deposits dollar-for-dollar, including accrued interest.
The insurance limit is $100,000 per depositor per bank. Individual retirement accounts are insured up to $250,000 per depositor per bank.
A person may qualify for more than $100,000 in insurance at one bank if he or she owns deposit accounts in different categories, like single accounts and joint accounts.
If a couple owns a joint checking account and a joint savings account at the same insured bank, they receive $200,000 of insurance for both accounts.
Stocks, bonds, mutual funds, life insurance policies, annuities, and municipal securities are not insured by the FDIC, even if they were purchased from an insured bank.
For more information about FDIC insurance, call 1-877-275-3342 between 8 a.m. and 8 p.m. Monday through Friday or use the FDIC’s online insurance calculator.
