FDIC Coverage Calculator

How FDIC Coverage Adds Up

The FDIC limit is not $250,000 per person or per account. It is $250,000 per depositor, per insured bank, per ownership category. Accounts in the same category at the same bank are added together; accounts in different categories are insured separately; and a separately chartered bank starts a new count. Branches of one bank do not.

• Single accounts: everything in your name alone, including a sole proprietorship’s accounts, combined up to $250,000.
• Certain retirement accounts: traditional and Roth IRAs, SEP and SIMPLE IRAs, self-directed 401(k) and Keogh accounts and 457 plans, combined up to $250,000. Naming beneficiaries does not raise this limit.
• Joint accounts: your share of every joint account at the bank, assumed equal among co-owners unless the bank’s records say otherwise, combined up to $250,000. Two co-owners can therefore hold $500,000 jointly, fully insured.
• Trust accounts: payable-on-death (POD) accounts and revocable and irrevocable trusts, combined per owner: $250,000 for each unique eligible beneficiary, up to five.
• Business accounts: a corporation’s, partnership’s or LLC’s deposits, $250,000 per entity, separate from its owners’ personal accounts.

The April 2024 Trust Account Rule

Since April 1, 2024, revocable and irrevocable trust deposits are insured together, and each owner’s coverage is $250,000 times the number of unique eligible beneficiaries, with a maximum of $1,250,000 per owner per bank. The cap applies to existing accounts and CDs too, whatever their maturity date.

A beneficiary counts once per owner even if named on several accounts. Two owners of a living trust naming the same three children get $750,000 each, or $1,500,000 together.

FDIC Examples, Reproduced

The calculator matches every worked example in the FDIC’s “Your Insured Deposits” brochure (last updated May 14, 2024):

The same brochure shows a married couple with three children reaching $3,500,000 of coverage at one bank by using single, joint, POD, living trust and IRA accounts together.

What FDIC Insurance Covers

Checking, savings, money market deposit accounts, CDs and cashier’s checks at an FDIC-insured bank. It does not cover stocks, bonds, mutual funds, crypto assets, annuities, life insurance, municipal securities or safe deposit boxes, even when bought through a bank. U.S. Treasury bills, notes and bonds are not FDIC insured but are backed by the full faith and credit of the U.S. government.

Common Mistakes

• Opening a second account at the same bank in the same name. It adds to the same $250,000 single-account limit.
• Counting two brands of one bank as two banks. Some banks operate under several names on one charter; check the FDIC’s BankFind before relying on separate coverage.
• Naming more than five beneficiaries for more coverage. Trust coverage stops at $1,250,000 per owner.
• Forgetting that a beneficiary’s death lowers coverage. In the FDIC’s example, a $500,000 POD account naming two children drops to $250,000 of coverage if one child dies.
• Assuming a joint account doubles everything. Your share of all joint accounts at the bank is combined, so several joint accounts with the same person share one $250,000 limit each.

What This Calculator Does Not Cover

It assumes equal ownership shares unless you enter a different split, that every account meets the FDIC’s titling and record-keeping rules, and that the deposits are at one insured bank. Employee benefit plan, government, mortgage servicing and pass-through accounts (such as brokered CDs and fintech sweep programs) have their own rules. For a formal estimate, use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) or call the FDIC.

Frequently Asked Questions

How to Use This Calculator

1. Add up your single accounts at one bank — checking, savings, CDs and money market accounts in your name alone, including a sole proprietorship.
2. Enter IRAs and other retirement deposits — only deposits held at the bank, not investments.
3. List joint and trust accounts as balance/owners — for example 320000/2; then enter how many different beneficiaries your trust and POD accounts name.
4. Read insured and uninsured amounts — by ownership category and in total.