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SUMMARY OF TRUST RULE CHANGE:
- As of April 1, 2024, the maximum insurance coverage for a trust owner with five or more beneficiaries is $1,250,000 per owner for all trust accounts (including POD/ITF, revocable, and irrevocable trusts) held at the same bank.
- Depositors can name as many beneficiaries as they wish, however the coverage limit will not exceed $1,250,000 as of April 1, 2024.
- This coverage change applies to both existing and new trust accounts, for all deposit products, including CDs regardless of purchase or maturity date.
You can learn more about the new changes by reviewing this fact sheet.
Questions?
You can submit your inquiry using the FDIC Information and Support Center.
You can also call the FDIC at 1-877-275-3342 or 1-877-ASK-FDIC.
What types of deposits are insured?
At FDIC-insured banks, the FDIC insures money in deposit products, including:
- Checking Accounts
- Negotiable Order of Withdrawal (NOW) Accounts
- Savings Accounts
- Money Market Deposit Accounts (MMDAs)
- Time Deposits, such as Certificates of Deposit (CDs)
- Cashier's Checks, Money Orders, and other official items issued by a bank
The FDIC does not insure:
- Stock Investments
- Bond Investments
- Mutual Funds
- Crypto Assets
- Life Insurance Policies
- Annuities
- Municipal Securities
- Safe Deposit Boxes or their contents
- U.S. Treasury Bills, Bonds, or Notes*
*These investments are not insured by the FDIC, but they are backed by the full faith and credit of the U.S. government.
How do I know that my money is insured?
FDIC insurance coverage is automatic when you open a deposit account at an FDIC-insured bank. You can confirm that your bank is insured by searching for it in the BankFind tool available on our website at www.fdic.gov or you can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
How much of my money is insured?
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. When calculating an individual’s coverage amount, the FDIC adds together all of the deposit accounts you hold in the same ownership category at the same bank regardless of the deposit type (e.g., Certificates of Deposit (CDs), checking, savings, or money market deposit accounts (MMDAs)).
This means that if you have deposits in different account categories at the same FDIC-insured bank, your insurance coverage may be more than $250,000, if all requirements are met.
If you have accounts at different FDIC-insured banks, the limit applies at each bank: $250,000 per depositor for each account ownership category.
You can calculate your specific insurance coverage amount using the Electronic Deposit Insurance Estimator (EDIE), a calculator that is available on the FDIC’s website.
If my bank fails, how does the FDIC protect my money?
Deposit insurance coverage protects depositors against the failure of an insured bank; it does not protect against losses due to theft or fraud, which are addressed by other laws. In the unlikely event of a bank failure, the FDIC acts quickly to ensure that all depositors get prompt access to their insured deposits. FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's failure.
In many cases, a failed bank is acquired by another FDIC-insured bank. When this occurs, customers of the failed bank are able to access their money through the acquiring bank.
In the event a failed bank is not acquired by another bank, the FDIC conducts a quick and thorough process to identify all customers, calculate their deposit insurance coverage, and provide their money to them as quickly as possible.
When your money is in an FDIC-insured bank, you can rest assured. Since 1934, no depositor has lost a penny of their FDIC-insured funds.
| FDIC Deposit Insurance Coverage Limits by Account Ownership Category | |
|---|---|
| Single Accounts (i.e., accounts owned by one person, no beneficiaries) | $250,000 per owner |
| Joint Accounts (i.e., accounts owned by two or more persons, no beneficiaries) | $250,000 per co-owner |
| Certain Retirement Accounts (including IRAs) | $250,000 per owner regardless of the number of beneficiaries |
Trust Accounts (With Beneficiaries)
| $250,000 per beneficiary, using the following formula: # of Owners X # of Distinct Beneficiaries X $250,000 = Amount Insured |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent interest of each plan participant |
| Government Accounts | $250,000 per official custodian |
For More Information from the FDIC
Call Toll-Free
1-877-ASK-FDIC (1-877-275-3342)
Calculate deposit insurance coverage using the FDIC’s Electronic Deposit Insurance Estimator (EDIE)
Read more about FDIC deposit insurance on our Deposit Insurance webpage
View frequently asked questions on deposit insurance coverage
Order FDIC deposit insurance products through the FDIC Online Catalog
Submit deposit insurance questions online using the FDIC Information and Support Center
Submit deposit insurance questions by U.S. Mail
Federal Deposit Insurance Corporation
Attn: Deposit Insurance Unit
550 17th Street, NW
Washington, DC 20429
