FDIC Insurance
A federal government guarantee that protects your bank deposits up to $250,000 per depositor, per insured bank, per ownership category, in the event the bank fails.
FDIC insurance is a guarantee from the Federal Deposit Insurance Corporation, an independent agency of the U.S. government, that protects deposits at insured banks if the bank fails. Coverage is automatic at any FDIC-member bank — you do not need to apply or pay a premium.
The standard insurance limit is $250,000 per depositor, per insured bank, per ownership category. The four most common ownership categories are: individual accounts, joint accounts, certain retirement accounts, and trust accounts. Each category gets its own $250,000 limit at the same bank.
A married couple, for example, can hold up to $1,000,000 in fully insured deposits at a single bank: $250,000 each in individual accounts, plus $500,000 in a joint account ($250,000 per joint owner).
Money market deposit accounts, savings accounts, checking accounts, and CDs are all covered. Investments held through the bank — mutual funds, stocks, bonds, annuities, life insurance — are NOT covered by FDIC insurance, even if you bought them at the bank.
You can verify any bank's FDIC status using the FDIC BankFind tool at the FDIC's official website. Every bank we list on HYSA Compare carries either an FDIC certificate or, for credit unions, an NCUA charter.