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Banking

3 ways to easily check if your bank account is FDIC insured

Eligible deposits at FDIC-member banks are protected for $250,000 or more. Here's how to know if your money is covered.

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Despite recent bank failures dominating the headlines, experts say there's no need to worry if your money is insured by the Federal Deposit Insurance Corporation (FDIC).

Nearly all banks are insured by the FDIC, which protects your deposits up to $250,000 (per person, bank, and account type). That means even if your bank implodes, you won't lose the FDIC-insured money you kept there.

CNBC Select explains how to check if your bank is an FDIC member, as well as what you need to know about the types of bank accounts the FDIC protects.

3 ways to check if your bank is FDIC insured

The FDIC makes it easy to check if your bank is insured. You can look it up online, call the FDIC or find out directly through the bank.

Check online

You can easily discover if your bank is FDIC insured using the BankFind Suite tool.

Simply enter any of the following information: Bank name, website URL or FDIC certificate ID; the status of the bank; City, state or zip code. All of the search fields are optional — you can enter as much information as you have about your bank to narrow the search or fill in a single search field to see a longer list of FDIC-insured institutions.

Call the FDIC

If you prefer to talk to a person, you can call the FDIC at 1-877-275-3342 and have an agent check if your bank is insured. Keep in mind, right now call center wait times are likely longer than usual.

Call your bank or look for the FDIC sign

FDIC-insured banks typically have signage identifying the institution as an FDIC member and often include that information in marketing materials. You could also call your bank directly and ask if your accounts are FDIC insured.

What accounts are protected by FDIC insurance?

FDIC insurance is designed to protect your money in the case of a bank failure and it covers a range of banking products, including:

The one caveat is the FDIC covers $250,000 per person, per bank and per account category. This means that most people are well under the FDIC coverage limits unless they have a large amount of money deposited at a single bank and in one type of account. Here's how the FDIC classifies deposit accounts:

FDIC deposit insurance coverage limits

Type of account owner category Coverage limit
Single accounts$250,000 per owner
Joint accounts$250,000 per co-owner
Certain retirement accounts$250,000 per owner
Revocable trusts$250,000 per owner per unique beneficiary
Corporation, partnership and unincorporated association$250,000 per corporation, partnership or unincorporated association
Irrevocable trusts$250,000 per unique beneficiary that's entitled to the account
Employee benefit plans$250,000 per plan participant that's entitled to the account
Government accounts$250,000 per official custodian (more coverage may be available)

If your deposits exceed the FDIC insurance limits, then you could spread your money between several different banks. Remember, having a savings account and checking account at the same bank only gets you $250,000 in total coverage between both accounts (if they aren't joint accounts) since they are part of the same account category. There are also some accounts that do the work for you. For instance, Wealthfront Cash Accounts are FDIC-insured up to $2 million by allocating deposits across up to eight partner banks.

When you're comparing bank accounts, look for accounts with no monthly fees and compare interest rates to find the best return for your money. Here is a handful of CNBC Select's top-rated deposit accounts.

Capital One 360 Checking®

Capital One Bank is a Member FDIC.
  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $0

  • Minimum balance

    None

  • Annual Percentage Yield (APY)

    0.10%

  • Free ATM network

    70,000+ Capital One®, MoneyPass and Allpoint® ATMs

  • ATM fee reimbursement

    None

  • Overdraft fee

    $0

  • Mobile check deposit

    Yes

Terms apply.

Ally Bank Spending Account

Ally Bank is a Member FDIC.
  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $0

  • Minimum balance

    None

  • Annual Percentage Yield (APY)

    0.10% less than $15,000 minimum daily balance; 0.25% over $15,000 minimum daily balance

  • Free ATM network

    43,000+ Allpoint® ATMs

  • ATM fee reimbursement

    Up to $10 per statement cycle

  • Overdraft fee

    $0

  • Mobile check deposit

    Yes

Terms apply.

LendingClub High-Yield Savings

LendingClub Bank, N.A., Member FDIC
  • Annual Percentage Yield (APY)

    5.00%

  • Minimum balance

    No minimum balance requirement after $100.00 to open the account

  • Monthly fee

    None

  • Maximum transactions

    None

  • Excessive transactions fee

    None

  • Overdraft fees

    N/A

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes

Terms apply.

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a Member FDIC.
  • Annual Percentage Yield (APY)

    4.50% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

UFB Secure Savings

UFB Secure Savings is offered by Axos Bank, a Member FDIC.
  • Annual Percentage Yield (APY)

    Earn up to 5.25% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    No max number of transactions; max transfer amounts may apply

  • Excessive transactions fee

    None

  • Overdraft fee

    Overdraft fees may be charged, according to the terms, but a specific amount is not specified; overdraft protection service available

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes

  • Terms apply.

Bottom line

FDIC insurance protects depositors at member banks up to $250,000 per person, bank and account category. Most banks are FDIC insured. But if you want to know for sure if your bank is an FDIC member, the easiest way to find out is by using the FDIC's BankFind Suite search tool.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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