Back

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.

Back