Fdic Calculator

FDIC Insurance Coverage Calculator

Use this calculator to estimate your FDIC deposit insurance coverage at a single insured bank. Enter the balances for your various account ownership categories.

FDIC Coverage Summary:

Single Ownership Accounts:

Joint Accounts (" + numJointOwners + " owners):

Retirement Accounts:

Revocable Trust Accounts (" + numTrustBeneficiaries + " beneficiaries):

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Total Estimated Insured Amount: $" + totalInsuredAmount.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + "

Total Estimated Uninsured Amount: $" + totalUninsuredAmount.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + "

This calculator provides an estimate based on common scenarios. For complex situations, consult the official FDIC EDIE calculator or a financial advisor.

Understanding Your FDIC Deposit Insurance Coverage

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government. Since the FDIC was established in 1933, no depositor has lost a single cent of insured funds.

The Basics of FDIC Coverage

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have deposits in different ownership categories at the same bank, you could be insured for more than $250,000. If you have deposits at different FDIC-insured banks, your deposits at each bank are separately insured.

• Per Depositor: Refers to each unique individual or entity.
• Per Insured Bank: Each bank is treated separately. If you have accounts at Bank A and Bank B, your coverage at Bank A is independent of your coverage at Bank B.
• Per Ownership Category: This is the crucial part. Different ways of owning accounts (e.g., individually, jointly, in a trust) are considered separate categories, each eligible for $250,000 in coverage.

Common Account Ownership Categories

The FDIC recognizes several ownership categories. Our calculator focuses on the most common ones:

1. Single Accounts:

   These are accounts owned by one person in their own name, including sole proprietorship accounts. All of a depositor's single accounts at the same bank are added together and the total is insured up to $250,000.

   Example: If you have a checking account with $100,000 and a savings account with $150,000, both in your name at the same bank, your total of $250,000 is fully insured.

2. Joint Accounts:

   These are deposit accounts owned by two or more people. Each co-owner's share of all joint accounts at the same bank is added together and the total is insured up to $250,000. This means a two-person joint account can be insured for up to $500,000 ($250,000 per owner).

   Example: A married couple has a joint savings account with $400,000. Since there are two owners, each is insured for $250,000, making the total insured amount $500,000. Their $400,000 is fully insured.

3. Certain Retirement Accounts:

   This category includes Individual Retirement Accounts (IRAs), Roth IRAs, SEP IRAs, SIMPLE IRAs, and self-directed defined contribution plans (like 401(k)s). All deposits that an individual has in these types of retirement accounts at the same bank are added together and the total is insured up to $250,000.

   Example: You have an IRA with $150,000 and a Roth IRA with $100,000 at the same bank. Your total of $250,000 in retirement accounts is fully insured.

4. Revocable Trust Accounts:

   These are accounts held in the name of a revocable trust (also known as a living trust or family trust). The coverage for revocable trust accounts is based on the number of unique beneficiaries named in the trust. Each unique beneficiary is insured up to $250,000 for their interest in the trust, up to a maximum of $1,250,000 per owner per bank for five or more beneficiaries (or unlimited if certain conditions are met).

   Example: A revocable trust account holds $700,000 and names three unique beneficiaries. Each beneficiary's interest is insured up to $250,000, so the total insured amount for this trust would be $750,000 ($250,000 x 3 beneficiaries). The $700,000 is fully insured.

What's Covered and What's Not?

It's important to know what types of financial products are covered by FDIC insurance:

• Covered: Checking accounts, savings accounts, money market deposit accounts (MMDAs), certificates of deposit (CDs), cashier's checks, money orders, and other official items issued by a bank.
• Not Covered: Stocks, bonds, mutual funds, life insurance policies, annuities, municipal securities, safe deposit box contents, U.S. Treasury bills, bonds or notes, crypto assets, or any investments not issued by the bank. These products are subject to investment risks and are not protected by FDIC insurance.

How to Use the FDIC Coverage Calculator

Our FDIC Insurance Coverage Calculator helps you quickly estimate your coverage for common account types at a single FDIC-insured bank. Simply enter the total balance for each relevant account ownership category:

• Balance in Single Ownership Accounts: Your total across all checking, savings, and CDs held solely in your name.
• Total Balance in Joint Accounts: The combined balance of all accounts you own jointly with others.
• Number of Joint Account Owners: The total number of individuals who are co-owners on your joint accounts (typically 2 for a couple).
• Balance in Retirement Accounts: Your total across all IRAs, Roth IRAs, 401(k)s, etc., held at this bank.
• Total Balance in Revocable Trust Accounts: The total amount held in any revocable trust accounts where you are the grantor.
• Number of Unique Trust Beneficiaries: The number of distinct individuals or charities named as beneficiaries in your revocable trust documents.

The calculator will then provide an estimated breakdown of your insured and uninsured amounts for each category, along with a total summary.

Important Considerations

• Multiple Banks: Remember, the $250,000 limit applies per bank. If you have deposits at multiple FDIC-insured institutions, your coverage is separate at each one.
• Official FDIC EDIE Calculator: For more complex scenarios, such as irrevocable trusts, employee benefit plans, or government accounts, the official FDIC Electronic Deposit Insurance Estimator (EDIE) is recommended.
• Keeping Records: Maintain accurate records of your accounts, beneficiaries, and trust documents to ensure proper coverage in case of a bank failure.

Understanding your FDIC coverage is a vital step in protecting your financial assets. Use this calculator as a helpful tool to assess your current coverage and make informed decisions about your deposits.