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Home >> Keeping Your Money Safe
FDIC and Large Amount of Deposit
I am depositing a larger amount than which is federally insured, should I use more than one account up to the insured amount?
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 Federal deposit insurance coverage, whether from the FDIC (banks and savings associations) or the NCUSIF (insured credit unions) is limited based on deposit ownership at an institution, not on a per account basis. All of your similarly-owned accounts are combined and covered up to the Standard Maximum Deposit Insurance Amount (SMDIA), which is $250,000. In general, if you'll have more than $250,000 on deposit in your name, you'll need to split it up in different banks to ensure that it's all insured. If any of the money will be in a non-interest bearing checking account, discuss with the bank or credit union the coverage available for that account in particular (in many cases, there is no limit on the coverage in such accounts).
Published on BankingQuestions.com 8/18/10
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