The Federal Deposit Insurance Corporation (FDIC) is an independent agency that supplies deposit insurance for customers’ deposits in U.S. bank accounts. The depositor’s money is insured up to certain limits, which apply separately at each financial institution.
For 2023, the standard deposit insurance coverage was $250,000 per depositor, per bank, per ownership category.
Per the FDIC website, covered deposits include checking accounts, savings accounts, certificate of deposit (CD), money market deposits, negotiable order of withdrawal (NOW) accounts, cashier’s checks, money orders, and certain prepaid cards.
Financial products that the FDIC does not insure include stocks, bonds, cryptocurrency, life insurance policies, annuities, contents of a safe deposit box, and mutual funds.