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What Does FDIC Insurance Cover and How Can You Verify It?

Updated July 3, 2026. Reviewed July 3, 2026. Rates verified from each bank.

Written by Daniel Levy, CFP® — Certified Financial Planner & Senior Editor

Daniel Levy is a Certified Financial Planner (CFP®) with 12 years of experience in personal banking and consumer finance. He previously worked at JPMorgan Chase and holds a B.S. in Finance from NYU Stern School of Business. LinkedIn →

Reviewed by Sarah Kim — Editorial Reviewer

Sarah Kim reviews rate accuracy, FDIC references, fee disclosures, and account-term language before publication.

The Federal Deposit Insurance Corporation (FDIC) insures deposits at member banks up to $250,000 per depositor, per institution, per ownership category. BanksYouPick includes each bank's FDIC certificate number on every review page so readers can verify coverage independently on the FDIC BankFind website (research.fdic.gov).

What does FDIC insurance cover?

FDIC coverage includes: savings accounts, checking accounts, certificates of deposit (CDs), money market deposit accounts (MMDAs), and cashier's checks issued by the bank. Coverage is automatic — no enrollment or application is required. Since the FDIC was established in 1933, no depositor has ever lost a penny of insured funds.

What is NOT covered by FDIC insurance?

FDIC does not cover: stocks, bonds, mutual funds, cryptocurrency, annuities, life insurance, safe deposit box contents, or losses from theft or fraud. BanksYouPick only features deposit products that carry FDIC or NCUA insurance.

What is the difference between FDIC and NCUA?

FDIC insures deposits at banks. The National Credit Union Administration (NCUA) insures deposits at credit unions. Both provide $250,000 per depositor coverage. BanksYouPick labels each institution with its specific insurance type and certificate number.

How can married couples get more than $250,000 in FDIC coverage at one bank?

FDIC coverage applies per ownership category. A married couple can have: $250,000 each in individual accounts + $500,000 in a joint account + $250,000 each in retirement accounts = up to $1,500,000 total at a single bank. SoFi extends this further through its Sweep Insurance Deposit Program (SIDP), distributing funds across partner banks for up to $3 million in coverage.

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