A guide to what FDIC insurance is and how it works

Is my money FDIC insured?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency backed by the U.S. government to build stability and confidence in financial systems.

What is the FDIC?

The FDIC protects and reimburses up to $250,000 per depositor, per institution and per ownership category if an insured bank fails.

What does the FDIC do?

What does the FDIC do?

Since the FDIC was founded in 1933 no depositor has lost a single cent of their insured deposit.

Negotiable order of withdrawal (NOW) accounts

Cashier checks and money orders

Certificates of deposit (CDs)

Money market accounts

Savings accounts

Checking accounts

What does FDIC insurance cover?

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

May Lose

Value

Are Not
Bank

Guaranteed

Are Not
FDIC

Insured

Investment products:

Municipal securities

Safe deposit contents

Annuities

Life insurance

Losses incurred from investments

Money invested in stocks, bonds, mutual funds

What's not covered?

Each owner is insured up to $250,000. So a joint account with two owners is insured up to $500,000.

What about joint accounts?

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

May Lose

Value

Are Not


Bank

Guaranteed

Are Not
FDIC

Insured

Investment products:

Certain retirement accounts

Revocable trust accounts

Joint accounts

Single accounts

You can get more than $250,000 in coverage at the same financial institution as long as deposits are in different ownership categories, such as:

Can I get more coverage?

Find out whether your accounts are fully insured with the Electronic Deposit Insurance Estimator (EDIE) calculator

As long as your deposits are with an FDIC-insured bank, you don’t have to do anything to be covered.

Do I need to do anything?

Read more, 4 mins

What is the difference between checking and savings accounts?

Read more, 3 mins

Joint bank accounts: What you need to know

You may also be interested in

Want to learn more?