Estimate your FDIC insurance coverage for different account types and ownership scenarios.
IRA, 401(k), Pension
Other Retirement Account (Not Insured Separately)
Your Estimated FDIC Insured Amount
$0
Understanding FDIC Insurance and EDIE the Estimator
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation's financial system. One of its primary functions is to insure deposits in banks and savings associations. This insurance protects depositors up to at least $250,000 per depositor, per insured bank, for each account ownership category.
"EDIE the Estimator" is the FDIC's online tool designed to help depositors understand how their money is covered. It allows users to estimate their deposit insurance coverage at an insured bank. It's important to note that EDIE provides an estimate, and the final determination of insurance coverage is made by the FDIC.
Coverage is up to $250,000 per depositor, per insured bank, for each account ownership category. This means if you have multiple accounts at the same bank, the total amount across these accounts is insured up to the limit, provided they fall within the same ownership category.
Understanding these categories is crucial for maximizing your insurance coverage. The standard $250,000 per depositor limit applies separately to each category.
Single Accounts: Deposits owned by one person in their own name.
Joint Accounts: Deposits owned by two or more people. Each co-owner's share is added to their other single accounts, and up to $250,000 is insured per owner per bank.
Retirement Accounts: Certain retirement accounts, such as IRAs, 401(k)s, and Keogh plans, are insured separately from non-retirement accounts, up to $250,000 per owner per bank. Other types of retirement accounts might not be insured separately.
Revocable Trust Accounts: Accounts structured as revocable trusts (e.g., living trusts). Each beneficiary of the trust can potentially qualify for up to $250,000 in coverage, provided the trust is properly structured and specific ownership requirements are met.
Irrevocable Trust Accounts: Accounts established by an irrevocable trust. Coverage depends on the beneficiaries and the terms of the trust.
Employee Benefit Plan (EBP) Accounts: Deposits held by employee benefit plans.
Corporation/Partnership/Unincorporated Association Accounts: Deposits owned by businesses or organizations.
Government Accounts: Deposits owned by federal, state, or local government entities.
The Math Behind EDIE (Simplified)
EDIE calculates your total insured deposits by summing up the insured amounts from each relevant ownership category. For each category, it applies the $250,000 limit.
The basic calculation for each category involves:
Determining the total deposits within that category.
Applying the $250,000 per depositor/per bank limit. For joint accounts, this is often divided by the number of owners, and then up to $250,000 is insured for each owner's share. For trusts, it can be more complex, often calculated per beneficiary up to $250,000 each.
The calculator simplifies this by asking for total deposits per category and the number of accounts/owners where relevant.
When to Use the FDIC EDIE Calculator
You should use this calculator if you:
Have deposits at one or more banks.
Are unsure if all your deposits are fully insured.
Are consolidating accounts or opening new ones.
Want to ensure your savings are protected against bank failure.
Are managing finances for a family or a business.
Disclaimer: This calculator provides an estimate based on the information you provide. It is not a substitute for professional financial advice or the official determination by the FDIC. For precise coverage details, consult the FDIC's official resources or contact them directly.
function calculateFDICInsurance() {
var totalDeposits = parseFloat(document.getElementById("totalDeposits").value) || 0;
var retirementAccountType = document.getElementById("retirementAccountType").value;
var retirementDeposit = parseFloat(document.getElementById("retirementDeposit").value) || 0;
var jointAccounts = parseInt(document.getElementById("jointAccounts").value) || 0;
var jointAccountDeposits = parseFloat(document.getElementById("jointAccountDeposits").value) || 0;
var irrevocableTrusts = parseInt(document.getElementById("irrevocableTrusts").value) || 0;
var irrevocableTrustDeposits = parseFloat(document.getElementById("irrevocableTrustDeposits").value) || 0;
var revocableTrusts = parseInt(document.getElementById("revocableTrusts").value) || 0;
var revocableTrustDeposits = parseFloat(document.getElementById("revocableTrustDeposits").value) || 0;
var otherOwnershipCount = parseInt(document.getElementById("otherOwnershipCount").value) || 0;
var otherOwnershipDeposits = parseFloat(document.getElementById("otherOwnershipDeposits").value) || 0;
var insuredAmount = 0;
var notes = [];
var standardLimit = 250000;
// — Single Accounts Calculation —
// The "Total Deposits in One Bank" is assumed to cover single accounts if not explicitly broken out.
// EDIE generally calculates coverage per category. If "Total Deposits" is entered, we need to infer
// how much of it might be in single accounts. A common interpretation is that the remaining balance
// after accounting for other categories falls into single accounts.
// However, a more direct approach for EDIE emulation is to sum up coverage per explicit category.
// We'll assume "Total Deposits" is the sum of ALL deposits in the bank for the primary owner
// and then break down coverage by category.
var singleAccountDeposits = Math.max(0, totalDeposits – retirementDeposit – jointAccountDeposits – irrevocableTrustDeposits – revocableTrustDeposits – otherOwnershipDeposits);
if (singleAccountDeposits > 0) {
insuredAmount += Math.min(singleAccountDeposits, standardLimit);
}
if (singleAccountDeposits > standardLimit) {
notes.push("A portion of your single accounts exceeds the $250,000 FDIC limit.");
}
// — Retirement Account Calculation —
var insuredRetirement = 0;
if (retirementAccountType === "IRA_401k_pension") {
insuredRetirement = Math.min(retirementDeposit, standardLimit);
insuredAmount += insuredRetirement;
} else {
// If it's "Other Retirement Account", it's likely not insured separately and would fall under single accounts.
// For simplicity in this calculator, we won't add separate coverage.
notes.push("Deposits in 'Other Retirement Accounts' may not be separately insured and could be combined with your single accounts.");
}
if (retirementDeposit > standardLimit && retirementAccountType === "IRA_401k_pension") {
notes.push("Your retirement account deposits exceed the $250,000 FDIC limit for this category.");
}
// — Joint Account Calculation —
var insuredJoint = 0;
if (jointAccounts > 0 && jointAccountDeposits > 0) {
var perOwnerCoverage = Math.min(jointAccountDeposits / jointAccounts, standardLimit);
insuredJoint = perOwnerCoverage * jointAccounts;
insuredAmount += insuredJoint;
if (jointAccountDeposits > (standardLimit * jointAccounts)) {
notes.push("Your joint account deposits exceed the FDIC limit for joint accounts.");
}
}
// — Irrevocable Trust Calculation —
var insuredIrrevocableTrust = 0;
if (irrevocableTrusts > 0 && irrevocableTrustDeposits > 0) {
// A simplified approach: assume each trust is insured up to $250,000 per beneficiary.
// Without beneficiary details, EDIE often assumes coverage per trust based on beneficiaries.
// We'll simulate a common scenario where each trust might add coverage.
// A more accurate EDIE calculation would require beneficiary info.
// For this tool, we'll cap coverage per trust for simplicity, as EDIE can be complex here.
// A common simplification is to consider each trust *potentially* insured up to $250k *per beneficiary*.
// Since we don't have beneficiary count, we can simulate coverage per trust, up to the limit.
// Let's assume each distinct irrevocable trust adds up to $250k in potential coverage for its beneficiaries.
var potentialPerTrust = Math.min(irrevocableTrustDeposits / irrevocableTrusts, standardLimit); // Average deposit per trust
// The actual insured amount depends on the number of beneficiaries and how the trust is structured.
// A rough estimate for EDIE might consider the total, capped by the sum of per-beneficiary limits.
// For this tool, we'll take the total deposits in irrevocable trusts, and apply a limit that reflects potential coverage.
// A conservative estimate: total deposit capped at $250,000 per trust owner/beneficiary.
// Since we don't know beneficiaries, we'll cap the *total* irrevocable trust deposits at standardLimit * number of trusts as a simplified proxy.
var totalIrrevocableCoveragePossible = standardLimit * irrevocableTrusts;
insuredIrrevocableTrust = Math.min(irrevocableTrustDeposits, totalIrrevocableCoveragePossible);
insuredAmount += insuredIrrevocableTrust;
if (irrevocableTrustDeposits > totalIrrevocableCoveragePossible) {
notes.push("Your irrevocable trust deposits may exceed the FDIC limit based on the number of trusts and beneficiaries.");
}
}
// — Revocable Trust Calculation —
var insuredRevocableTrust = 0;
if (revocableTrusts > 0 && revocableTrustDeposits > 0) {
// For revocable trusts, coverage is often calculated per beneficiary.
// If the trust document names beneficiaries, each beneficiary's share is insured up to $250,000.
// If the trust is solely owned by one person and their spouse (joint), it's insured as a joint account.
// EDIE's calculation here is complex and depends on trust structure.
// A common simplified approach assumes coverage per beneficiary.
// For this calculator, we'll simulate coverage based on the number of trusts and assume a certain number of beneficiaries per trust, or a simplified total.
// A simplified model: each revocable trust adds up to $250,000 in coverage *per beneficiary*.
// Let's simulate by adding coverage for each trust, capped at $250,000, assuming it covers at least one beneficiary.
// A more accurate EDIE would ask for beneficiaries.
// For this tool, let's assume each revocable trust allows for coverage up to standardLimit for its beneficiaries.
var potentialPerTrust = Math.min(revocableTrustDeposits / revocableTrusts, standardLimit); // Average deposit per trust
var totalRevocableCoveragePossible = standardLimit * revocableTrusts; // Simplified proxy for coverage
insuredRevocableTrust = Math.min(revocableTrustDeposits, totalRevocableCoveragePossible);
insuredAmount += insuredRevocableTrust;
if (revocableTrustDeposits > totalRevocableCoveragePossible) {
notes.push("Your revocable trust deposits may exceed the FDIC limit based on the number of trusts and beneficiaries.");
}
}
// — Other Ownership Categories —
// These categories (like Employee Benefit Plans, Corporation/Partnership) are insured up to $250,000 per entity.
var insuredOther = 0;
if (otherOwnershipCount > 0 && otherOwnershipDeposits > 0) {
var potentialPerOtherEntity = Math.min(otherOwnershipDeposits / otherOwnershipCount, standardLimit);
// Similar to trusts, coverage is per entity.
var totalOtherCoveragePossible = standardLimit * otherOwnershipCount;
insuredOther = Math.min(otherOwnershipDeposits, totalOtherCoveragePossible);
insuredAmount += insuredOther;
if (otherOwnershipDeposits > totalOtherCoveragePossible) {
notes.push("Deposits in 'Other Ownership Categories' may exceed the FDIC limit based on the number of entities.");
}
}
// Ensure total insured amount doesn't exceed total deposits
insuredAmount = Math.min(insuredAmount, totalDeposits);
// Display the result
document.getElementById("result-value").innerText = "$" + insuredAmount.toFixed(2);
var resultNoteElement = document.getElementById("result-note");
if (notes.length > 0) {
resultNoteElement.innerText = "Note: " + notes.join(" ");
resultNoteElement.style.color = "#dc3545"; // Red for warnings
} else {
resultNoteElement.innerText = "Your deposits appear to be fully insured based on the information provided.";
resultNoteElement.style.color = "#28a745"; // Green for success
}
}