FDIC Insurance Coverage Calculator
Use this calculator to estimate your FDIC insurance coverage for deposits held at a single insured bank. Remember, FDIC insurance is $250,000 per depositor, per insured bank, for each account ownership category.
Your Estimated FDIC Coverage:
'; html += 'Total Funds Entered: ' + formatter.format(totalDeposited) + "; html += 'Total Estimated Insured Amount: ' + formatter.format(totalInsured) + ''; if (totalUninsured > 0) { html += 'Total Estimated Uninsured Amount: ' + formatter.format(totalUninsured) + ''; html += 'Funds exceeding the FDIC limit for their respective ownership categories are uninsured.'; } else { html += 'All your entered funds appear to be fully insured by the FDIC.'; } html += 'Coverage Breakdown:
'; html += '- ';
html += '
- Single Ownership Accounts: ' + formatter.format(insuredSingle) + ' (out of ' + formatter.format(singleOwnershipFunds) + ') '; html += '
- Joint Accounts: ' + formatter.format(insuredJoint) + ' (out of ' + formatter.format(jointOwnershipFunds) + ') '; html += '
- Retirement Accounts: ' + formatter.format(insuredRetirement) + ' (out of ' + formatter.format(retirementFunds) + ') '; html += '
- Revocable Trust Accounts: ' + formatter.format(insuredRevocable) + ' (out of ' + formatter.format(revocableTrustFunds) + ') '; html += '
Understanding FDIC Insurance: Protecting Your Deposits
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government. Since the FDIC was established in 1933, no depositor has lost a single cent of insured funds.
The Standard Coverage Limit
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have multiple accounts at the same bank, the total amount insured depends on how those accounts are owned, not just the number of accounts.
Key Concepts for Maximizing Coverage
Understanding the three pillars of FDIC insurance – "per depositor," "per insured bank," and "per ownership category" – is crucial for ensuring your funds are fully protected:
- Per Depositor: This refers to each unique individual or entity. For example, if you have a checking account and a savings account solely in your name at the same bank, they are combined and insured up to $250,000 total under the "single ownership" category.
- Per Insured Bank: If you have deposits in different FDIC-insured banks, your accounts at each bank are separately insured up to the $250,000 limit per ownership category. For instance, $250,000 at Bank A and $250,000 at Bank B would give you $500,000 in total coverage.
-
Per Ownership Category: This is where many people can significantly increase their coverage. Different types of account ownership are insured separately. The most common categories include:
- Single Accounts: Deposits owned by one person in their own name (e.g., checking, savings, CDs). Insured up to $250,000 per depositor.
- Joint Accounts: Deposits owned by two or more people (e.g., a joint checking account with a spouse). Each co-owner's share is insured up to $250,000. So, two co-owners would have $500,000 in coverage for their joint accounts at one bank.
- Certain Retirement Accounts: This includes IRAs (Traditional, Roth, SEP, SIMPLE), self-directed 401(k)s, and other defined contribution plans. All retirement accounts for one person at one bank are combined and insured up to $250,000.
- Revocable Trust Accounts: These are often "Payable on Death" (POD) or "In Trust For" (ITF) accounts. The coverage for these accounts is $250,000 per unique beneficiary, per owner. For example, if you have a POD account with three unique beneficiaries, your account could be insured up to $750,000.
- Irrevocable Trust Accounts: These are more complex and have specific rules, generally providing $250,000 per unique beneficiary, provided certain conditions are met.
What the FDIC Does NOT Insure
It's important to remember that FDIC insurance only covers certain types of deposit accounts. It does NOT insure:
- Stock investments
- Bond investments
- Mutual funds
- Life insurance policies
- Annuities
- Safe deposit box contents
- U.S. Treasury bills, bonds, or notes (though these are backed by the full faith and credit of the U.S. government)
- Cryptocurrencies or other digital assets
These products are typically offered by banks but are not deposits and carry investment risk.
Examples of FDIC Coverage
- Scenario 1: Single Individual
- Checking Account (single ownership): $100,000
- Savings Account (single ownership): $150,000
- Total: $250,000. All fully insured. (Both accounts are combined under the single ownership category.)
- Scenario 2: Married Couple with Joint Accounts
- Husband's Checking (single ownership): $200,000
- Wife's Savings (single ownership): $100,000
- Joint Checking Account (two owners): $400,000
- Total: $700,000. All fully insured. (Husband's single: $200k insured. Wife's single: $100k insured. Joint: $400k insured because $250k per owner x 2 owners = $500k coverage.)
- Scenario 3: Exceeding Limits
- Checking Account (single ownership): $300,000
- IRA (retirement account): $200,000
- Total: $500,000. Insured: $450,000. Uninsured: $50,000. (Single ownership is capped at $250k, leaving $50k uninsured. IRA is separately insured up to $250k, so $200k is fully insured.)
The FDIC Insurance Calculator above can help you quickly estimate your coverage based on your specific account types and amounts at a single bank. For complex situations or to verify coverage across multiple banks, the FDIC's official EDIE (Electronic Deposit Insurance Estimator) tool is recommended.