What kind of bank deposits in the U.S. are insured against banks going under? What do I need to look out for to make sure my money is safe?
The FDIC insures deposits up to $250,000 per depositor, per bank, for each ownership category. The ownership categories are:
- Single Accounts
- Certain Retirement Accounts
- Joint Accounts
- Revocable Trust Accounts
- Irrevocable Trust Accounts
- Accounts Employee Benefit Plan Accounts
- Corporation/Partnership/Unincorporated Association Accounts
- Government Accounts
You and a spouse could collectively have $750,000 of insured deposits at a single bank if you each had a single account, and a joint account together.
Currently the FDIC insures deposits up to $250,000 per person per bank. The following products are covered if your bank is FDIC insured.