The maximum bank deposit insurance coverage for a single depositor with a single account is $250,000 as of 2015, reports the Federal Deposit Insurance Corporation. If a single depositor has multiple accounts in different ownership categories, the FDIC insures the accounts separately, so that each account has up to $250,000 in coverage. Joint account owners receive $250,000 in coverage each.Continue Reading
At insured financial institutions, the FDIC covers savings, checking, money market deposit and negotiable order of withdrawal accounts, explains the FDIC. It also covers certificates of deposit, money orders and cashier's checks. It does not cover financial products, such as life insurance policies, annuities, mutual funds, and stock and bond investments. When a customer opens an eligible account at an FDIC-insured financial institution, coverage is automatic, and no individual application is necessary.
If a single depositor has more than one account in the same category, such as a checking account and a certificate of deposit, the FDIC adds the amounts together and insures them to a maximum of $250,000, according to the FDIC. Accounts that fall into different categories and qualify for separate insurance maximums include revocable trust accounts, Individual Retirement Accounts, 401(k) accounts and other retirement plan accounts. Accounts that the FDIC insures separately for each joint owner or beneficiary include checking and savings accounts, trust accounts, and retirement accounts.Learn more about Bank Accounts