FDIC Insurance Limit Remains at $250,000

Despite calls from some lawmakers to increase coverage, the standard FDIC insurance limit stays at $250,000 per depositor, per institution.

Protecting Larger Balances

Those with deposits exceeding the limit should consider spreading funds across multiple FDIC-insured institutions. Joint accounts provide additional coverage, as each co-owner receives the full $250,000 protection.

Retirement accounts like IRAs have separate coverage from checking and savings accounts at the same bank, effectively doubling your protection at one institution.

Quick Safety Check

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) tool online to verify your coverage status. With recent bank failures making headlines, understanding your protection is more important than ever.

Consider laddering CDs across banks if you’re holding significant cash reserves, combining yield optimization with insurance coverage.