How to Insure More Than $250,000: FDIC Limits Explained
FDIC insurance covers $250,000 per depositor, per bank, per ownership category. Here is how joint accounts, beneficiaries, IRAs, more banks and deposit networks can protect much more.
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FDIC insurance covers $250,000 per depositor, per bank, for each account ownership category. To protect more, use more ownership categories at one bank (individual, joint, retirement and trust accounts with beneficiaries are each insured separately), spread money across different banks, or use a deposit network that splits your money among many banks for you. A married couple can insure $1 million or more at a single bank this way.
The $250,000 limit sounds simple, but it is not a cap on how much of your money can be insured. It is a cap per person, per bank, per type of account ownership. Used well, those three parts let you protect far more.
What does FDIC insurance cover?
FDIC insurance protects deposits at FDIC insured banks if the bank fails: checking, savings, money market deposit accounts and CDs. It does not cover stocks, bonds, mutual funds, annuities, life insurance, crypto, Treasury securities or safe deposit box contents, even if you bought them through a bank.
Credit unions have the same $250,000 protection from the NCUA instead of the FDIC.
The FDIC limits by ownership category
| Ownership category | Coverage |
|---|---|
| Single (individual) accounts | $250,000 per owner |
| Joint accounts | $250,000 per co owner |
| Certain retirement accounts, such as IRAs | $250,000 per owner |
| Trust accounts, including payable on death accounts | $250,000 per owner, per beneficiary, up to $1,250,000 per owner |
| Business accounts (corporation, partnership) | $250,000 per business |
Source: FDIC, Deposit Insurance At A Glance and Understanding Deposit Insurance, rules in effect since April 1, 2024. Checked Oct 4, 2026.
Way 1: Use more ownership categories at one bank
Each category is insured separately, so the same person can have more than $250,000 covered at one bank.
- Joint account: each co owner is covered up to $250,000, so a joint account with two owners is covered up to $500,000. This is separate from each person’s individual accounts.
- Retirement account: an IRA held as deposits at the bank gets its own $250,000.
- Beneficiaries: naming beneficiaries on a payable on death (POD) account turns it into a trust account. Each owner is covered up to $250,000 per beneficiary, for up to five beneficiaries, or $1,250,000 per owner.
Example: a married couple at one bank
| Account | Insured up to |
|---|---|
| Partner A, individual savings | $250,000 |
| Partner B, individual savings | $250,000 |
| Joint savings (A and B) | $500,000 |
| POD account owned by A and B, naming their 2 children | $1,000,000 (2 owners x 2 beneficiaries x $250,000) |
| Total insured at one bank | $2,000,000 |
Add IRAs at the same bank and coverage rises further. The FDIC’s free Electronic Deposit Insurance Estimator (EDIE) at edie.fdic.gov checks your own setup.
Way 2: Spread money across different banks
The limit applies at each insured bank, so $250,000 at Bank A and $250,000 at Bank B are both fully covered. With online banks, opening a second or third high yield account takes minutes, and you can pick the best rates at each. See our best high yield savings accounts.
The trap: brands that share one bank
Many online banks are divisions or brand names of a larger bank. The FDIC adds together deposits held under different names at the same insured bank. Examples among the accounts we track:
- Peak Bank is a division of Idaho First Bank.
- Ivy Bank is a division of Cambridge Savings Bank.
- Always.bank is a division of 22nd State Banking Company.
So $250,000 at Peak Bank and $250,000 at Idaho First Bank are one bank to the FDIC, with one $250,000 limit for your individual accounts. Before you split money, check each account’s legal bank name and FDIC certificate number on FDIC BankFind. Every review on BankingPicks lists the bank behind the brand.
Way 3: Use a deposit network
Some banks offer IntraFi’s ICS (for savings and money market accounts) and CDARS (for CDs). You work with one bank, and it splits your money into amounts under $250,000 at other FDIC insured banks in the network. You get one statement and access to multi million dollar FDIC coverage. Ask your bank whether it participates and what rate it pays, since network rates are often lower than top online rates.
What about fintech apps?
Apps that are not banks, such as Chime, hold your money at partner banks. Your money can be FDIC insured through the partner bank, but only if the records are kept correctly, and your balance counts toward the limit at that partner bank. See is Chime a bank?
Common mistakes
- Forgetting checking and CDs. All your deposits in the same category at one bank add together.
- Splitting across brands of one bank. Check the FDIC certificate, not the logo.
- Counting the same beneficiary twice. Coverage is per distinct beneficiary, up to five per owner.
- Treating investments as deposits. Brokerage holdings are not FDIC insured; they may have SIPC protection, which works differently.
See which accounts offer extra coverage beyond $250,000 in the best FDIC insured savings accounts.
Frequently asked questions
What is the FDIC limit?
$250,000 per depositor, per FDIC insured bank, for each account ownership category.
Is a joint account insured for $500,000?
Yes, if it has two owners. Each co owner is covered up to $250,000, separate from their individual accounts.
How do beneficiaries increase FDIC coverage?
Naming beneficiaries makes the account a trust account. Each owner is covered up to $250,000 per beneficiary, for up to five beneficiaries, or $1,250,000 per owner at each bank.
Are deposits at different branches or brand names insured separately?
No. Deposits at all branches and trade names of the same insured bank are added together.
How can I insure millions at one bank?
Combine ownership categories, or ask whether the bank offers a deposit network such as IntraFi ICS or CDARS, which spreads your money across many FDIC insured banks.
Are credit union deposits insured?
Yes, by the NCUA, up to $250,000 per member, per ownership category, at each federally insured credit union.