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.
Bank and most Credit Union deposit accounts (including CDs) are guaranteed by the Federal government by the FDIC and NCUA, respectively.
Some state-chartered credit unions use private insurance, you'll want to be careful about storing lots of money in those institutions.