Maximize FDIC Insurance Coverage
Maximize Your FDIC Coverage
FDIC deposit insurance is $250,000 per depositor, per deposit category.
This means:
- Individual accounts are insured up to $250,000 per accountholder
- Joint accounts are insured up to $250,000 per accountholder
- IRA accounts are insured up to $250,000 per accountholder
Here's one way a household can have $1,500,000 of FDIC insurance:
| Two Person Household | ||
|---|---|---|
| Accountholders Within a Household | Account Type* | Account Balance |
| Accountholder 1 | Individual Money Market or CD Account | $250,000 |
| Accountholder 2 | Individual Money Market or CD Account | $250,000 |
| Accountholder 1 | Traditional and/or Roth IRA CD | $250,000 |
| Accountholder 2 | Traditional and/or Roth IRA CD | $250,000 |
| Accountholder 1 & 2 | Joint Online Savings, Money Market or CD Account | $500,000 |
| Total Deposits per Household | $1,500,000 | |
| Total Amount Insured | $1,500,000 | |
Here's one way a single depositor can be covered up to $500,000:
| One Person Household | ||
|---|---|---|
| Accountholders Within a Household | Account Type* | Account Balance |
| Accountholder 1 | Individual Online Savings, Money Market or CD Account | $250,000 |
| Accountholder 1 | Traditional and/or Roth IRA CD | $250,000 |
| Total Deposits per Household | $500,000 | |
| Total Amount Insured | $500,000 | |
FDIC Coverage
The standard FDIC coverage amount is $250,000 per depositor, per insured bank, for each ownership category. According to the FDIC, since it's inception in 1933, no depositor has lost a cent of insured deposits.
The FDIC is an independent agency of the U.S. government. All FDIC-insured banks must meet the high standards for financial strength and stability. You can find more information on the official FDIC Web site.
Find more help calculating your coverage with the official FDIC Coverage Calculator.
* Account types include Discover Bank Online Savings, Money Market Accounts, CDs and IRAs.
