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Home >> Accounts >> Certificates of Deposit
Are Multiple CDs all FDIC Insured?
I have several CDs that total over $100,000. Are they each FDIC insured or is my limit for all CDs maxed out at $100,000?
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 It depends on the ownership category of each CD. If you and a spouse own one, that deposit amount is split between you and the spouse. Each of you could have $100,000 insured. A $200,000 CD owned by two people would be fully insured. Retirement accounts (IRAs) are insured to $250,000 now.
List your accounts and who owns them and visit the FDIC's EDIE, to get a better picture of your insured deposit scenario. EDIE is the Electronic Deposit Insurance Estimator. There are also brochures available on the FDIC site.
Like other insurance products, this does nothing for you until you need it. That means that unless the bank is unhealthy and could fail, the FDIC insurance doesn't do anything. If it is peace of mind you want, have a CPA review the financial health of the bank, or move your deposits around, as needed.
Published on BankingQuestions.com 6/30/08
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