To choose a bank with deposit protection, verify the legal bank in the FDIC’s BankFind Suite, confirm that your money will be held in an eligible deposit account, and estimate coverage with the FDIC’s Electronic Deposit Insurance Estimator (EDIE). Then compare the account’s fees, interest rate, terms, and access. FDIC insurance protects eligible deposits if an insured bank fails; it does not certify that a bank is financially risk-free or that an account is the best fit.
What FDIC insurance protects—and what it does not
FDIC insurance protects eligible deposits at an insured bank if that bank fails, up to the applicable coverage limit. The FDIC states that the standard amount is “$250,000 per depositor, per insured bank, for each account ownership category.” Read the FDIC’s Deposit Insurance at a Glance.
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Coverage is automatic for eligible deposits at an insured bank; you do not buy a separate policy. It is not an endorsement of a bank or its products, a guarantee that the bank will never fail, or protection for every financial product sold through a bank.
Products generally covered as deposits
- Checking accounts
- Savings accounts
- Money-market deposit accounts
- Certificates of deposit (CDs)
Products not covered by FDIC deposit insurance
- Stocks and bonds
- Mutual funds
- Annuities
- Life insurance
These products may be offered at a bank or through a banking app, but that does not make them insured deposits. Check what the product actually is before relying on deposit insurance. See the FDIC’s deposit-insurance information.
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How to verify the bank and estimate your coverage
- Identify the legal bank. Find the bank named in the account agreement or disclosures. If you are opening an account through an app or other intermediary, do not assume the app itself is a bank.
- Check the institution in FDIC BankFind Suite. Search for the bank and confirm that it is listed as FDIC-insured. Open BankFind Suite.
- Confirm the product is a deposit account. Check the account terms, not just the company’s marketing description.
- Add balances by bank and ownership category. Deposits in the same ownership category at the same insured bank count together, even when they are held in different account types or at different branches.
- Use EDIE for your situation. Enter your account and ownership details in the FDIC’s Electronic Deposit Insurance Estimator. For a complicated ownership or intermediary arrangement, contact the FDIC rather than relying on a rough estimate. Use EDIE.
Understand the $250,000 limit and aggregation rule
The standard insurance amount is $250,000 per depositor, per insured bank, per ownership category. It is not a per-account or per-branch limit. For example, your checking and savings balances in the same ownership category at one bank are combined when determining coverage. Moving money between branches or opening another account of the same ownership category at that bank does not create a separate limit.
Ownership categories can affect how deposits are insured, so the total across accounts alone may not settle a complex case. Include expected accrued interest when considering a balance near the limit, and use EDIE with the correct owners and account structure.
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Check extra carefully when an app or fintech holds the money
A nonbank financial technology company may arrange for customer funds to be placed at an FDIC-insured bank. The company itself does not become an FDIC-insured bank because it uses one. Pass-through deposit insurance may be available when applicable requirements are met; it is not automatic merely because an app advertises FDIC coverage.
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- Read the account agreement and disclosures to understand how the funds are placed and held.
- Check what records and conditions support pass-through coverage, including how your ownership of the funds is documented.
- Consider whether you also hold deposits at that same bank through another account or intermediary, since balances in the same ownership category may count together.
The FDIC explains these arrangements in its July 2023 article on bank-fintech partnerships.
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Compare accounts after confirming insurance
Insurance addresses what happens to eligible deposits if a bank fails. It does not tell you whether an account is inexpensive, convenient, or appropriate for your needs. Compare the actual account disclosures across these factors:
| What to compare | What to check |
|---|---|
| Insurance status | Whether the legal bank is listed as FDIC-insured in BankFind. |
| Coverage fit | Your combined deposits in the same ownership category at that bank, including expected accrued interest; use EDIE for your arrangement. |
| Product and ownership | Whether the funds are in an eligible deposit account and how the account is owned. |
| Intermediary structure | For an app or fintech, which bank holds the funds and what terms and records apply to pass-through coverage. |
| Account terms | Published interest rate, fees, conditions, and the access or service features you need. |
Rates, fees, terms, and institution status can change. Confirm them in current account disclosures and official FDIC resources before opening an account or moving a large balance. FDIC insurance verification is not a complete assessment of a bank’s overall financial condition, and the information here does not rank banks by financial strength.
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Where to get help with a complicated account setup
The Consumer Financial Protection Bureau’s guidance asks, “How can I be sure my money is safe in my bank account?” Its account-safety page was last reviewed April 26, 2023. For your coverage estimate, start with EDIE; if ownership, multiple banks, or an intermediary makes the result unclear, contact the FDIC. Read the CFPB guidance.
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