Maximizing Your Protection If you maintain balances that exceed the $250,000 threshold, there are strategic ways to ensure full coverage. Securities, such as stocks, bonds, mutual funds, and annuities, are not covered by FDIC insurance, regardless of where you purchase them within the bank premises.
How to Verify Your Savings Account Insurance Coverage
This means that if you have $200,000 in a savings account and $200,000 in a checking account at the same bank, totaling $400,000, all of that money is protected. Alternatively, you can distribute your funds across multiple banks.
To ensure your savings account is FDIC insured, look for the FDIC logo on the bank’s website or at a physical branch. You can also utilize the FDIC's BankFind tool, an online search engine that allows you to verify the insurance status of any insured institution.
How to Verify Your Savings Account Insurance Status Safely
Relying on this verification prevents the false sense of security that might arise from dealing with an uninsured institution. To ensure your savings account is FDIC insured, look for the FDIC logo on the bank’s website or at a physical branch.
More About Is a savings account fdic insured
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