FDIC Insurance
FDIC insurance protects the money in your bank accounts — up to $250,000 per depositor, per bank, per ownership category — if the bank fails. It's automatic at member banks and backed by the U.S. government, which is why insured deposits are considered risk-free.
The limit is $250,000 per depositor, per insured bank, per ownership category — and the last clause is the one that matters for larger balances. A single account and a joint account at the same bank are separate categories, so a couple can hold considerably more than $250,000 at one institution and remain fully covered. Credit unions provide identical coverage through the NCUA. What is not covered is the important part: stocks, bonds, mutual funds and money market funds are not insured even when bought through a bank's own brokerage, and the similarity between a money market account (a deposit, insured) and a money market fund (an investment, not) catches people out. Coverage is automatic and needs no application.
Put it to work
Savings Calculator
Watch your savings account grow: enter your balance, monthly deposit, and APY to see the future value and every dollar of interest along the way.
CD Calculator
Calculate a certificate of deposit's value at maturity, the interest earned, and the true APY from any rate and compounding frequency.
Emergency Fund Calculator
Size your emergency fund from your real monthly expenses, see the gap, and get the date you'll be fully funded at your current saving rate.