FDIC Insurance Explained: Is It $250,000 per Account or per Bank?
The FDIC insures deposits at member banks up to $250,000 per depositor, per insured bank, for each account ownership category. That last part is what lets many people be covered for far more than $250,000 at a single bank.
Checked October 1, 2026, against FDIC.gov.
Per account or per bank?
Neither exactly. Coverage is per depositor, per bank, per ownership category:
- Two savings accounts in your own name at the same bank are added together and covered up to $250,000 in total.
- The same accounts at two different banks are covered up to $250,000 each.
- Accounts in different ownership categories at the same bank are covered separately.
Common ownership categories
| Category | Coverage |
| Single accounts (in your name) | $250,000 per owner, all single accounts at the bank combined |
| Joint accounts | $250,000 per co-owner, so $500,000 for a two-person joint account |
| Certain retirement accounts (IRAs) | $250,000 per owner, all IRA deposits at the bank combined |
| Trust accounts (including payable-on-death) | $250,000 per beneficiary, up to five beneficiaries per owner ($1.25 million) |
| Business accounts | $250,000 per business |
Example: a married couple with individual accounts, a joint account and an IRA each at one bank could be insured for well over $1 million there. See how joint bank accounts work.
What the FDIC covers and doesn't
Covered: checking, savings, money market deposit accounts and CDs.
Not covered: stocks, bonds, mutual funds, ETFs, annuities, crypto, and safe deposit box contents, even if you bought them at a bank. Brokerage accounts have separate SIPC protection, which covers the failure of the broker, not market losses. Credit unions are covered by the NCUA instead, with the same $250,000 standard.
How to insure more than $250,000
- Use different ownership categories at the same bank.
- Spread money across several banks.
- Use a cash sweep or cash management account that splits your money across multiple partner banks. See cash management accounts and high-balance savings accounts.
Check that your bank is FDIC-insured
Use the FDIC's BankFind tool. Some apps aren't banks themselves; they hold your money at a partner bank, and coverage depends on that bank and on the app keeping proper records.
FAQ
Does FDIC cover $250,000 per account or per bank? Per depositor, per bank, per ownership category. Several accounts of the same type at one bank share one $250,000 limit.
Has anyone lost insured money in a bank failure? According to the FDIC, no depositor has lost a penny of FDIC-insured funds since it was created in 1933.
Are high-yield savings accounts FDIC-insured? If they're held at an FDIC-insured bank, yes. See the best high-yield savings accounts.
Figures and rules in this article are checked against the official sources below. Where they disagree with us, they win.
