Is the money in my account safe?

Your money is protected

The FDIC (Federal Deposit Insurance Corporation), backed by the United States government, provides insurance coverage for participating banks. This organization functions as a safety net for your deposits.

At least $250,000 per depositor per bank is protected by the FDIC (and possibly a lot more, depending on the type of account). Because of this protection, insured banks and the covered accounts within them are one of the safest places that you can keep your money. In other words, it’s completely safe to keep your money in a financial institution where it’s insured and protected.

Protected accounts include checking and savings accounts, money market deposit accounts, CDs, share certificates, IRAs, and more. IRA accounts are insured separately for an additional $250,000.

How much money is insured?

How much coverage you have depends on what ownership category your account falls into. If you have a savings account and a checking account, those are both in the single owner account category, so they would be insured for a total of $250,000. But if you had accounts in different categories—say a checking account and an IRA—each account would be insured for $250,000, meaning you would have a total of $500,000 of protection. The FDIC provides more information about deposit insurance on their website.

Are trust & joint accounts insured?

The rules change a little when it comes to joint accounts and trusts. Joint accounts are protected for $250,000 per owner. So if you have a joint account with your spouse, it would be insured for a total of $500,000. Trust accounts are generally insured for $250,000 per beneficiary. Meaning, if you have 3 beneficiaries listed in the trust, it would be protected for up to $750,000. In other words, only a trust’s beneficiaries are protected, not a trust’s owner.

How can I protect all my money?

There are lots of specifics when it comes to FDIC insurance. If you want to get more information about your situation and find out the best way to ensure that all of your money is protected, you can give us a call at 765-342-6695 or check out the website for the FDIC.



Home Bank is more than happy to help answer your specific questions concerning your accounts.

Below are some links that you may find helpful.

FDIC Coverage Calculator

Understanding FDIC Insurance

FDIC Deposit Insurance FAQs


Still have questions? We’re here to help!