An FDIC-insured deposit account is covered up to $250,000 per depositor, per insured bank, per ownership category.
Eligible products commonly include checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. The insurance protects covered deposits if an FDIC-insured bank fails. It does not protect investments from market losses.
The limit applies by depositor, bank, and ownership category. For example, a person’s qualifying individual accounts at one insured bank are generally aggregated for the individual category, while qualifying joint accounts are considered under a different category. The exact calculation can be complex.
FDIC insurance is distinct from Securities Investor Protection Corporation coverage, which concerns certain brokerage assets. Money market mutual funds are investments, not FDIC-insured money market deposit accounts, despite their similar names.