Yes, Bank of America savings accounts are FDIC insured up to $250,000 per depositor per bank

Bank of America is an FDIC-insured bank, which means the Federal Deposit Insurance Corporation protects your money in most savings accounts. The standard coverage limit is $250,000 per depositor per insured bank. If you have a savings account at Bank of America and the bank fails, the FDIC will reimburse you for your balance up to that limit.

This protection applies to most deposit types at Bank of America: savings accounts, money market accounts, checking accounts, and certificates of deposit (CDs). The coverage is automatic — you do not need to sign up or pay a fee. Your account is protected the moment you open it.

The $250,000 limit applies to each depositor at each bank separately. If you have $300,000 in a Bank of America savings account, the FDIC covers $250,000 and you lose the remaining $50,000 if the bank fails. If you also have $100,000 in a Bank of America checking account, that $100,000 is covered under the same $250,000 limit because both accounts are in your name at the same bank.

Key Takeaways

  • Bank of America savings accounts are covered by FDIC insurance up to $250,000 per account owner per bank.
  • The coverage is automatic and applies to savings accounts, money market accounts, checking accounts, and CDs at Bank of America.
  • If you have more than $250,000 at Bank of America, only the first $250,000 is protected; amounts above that are not covered.
  • You can increase your total FDIC coverage by opening accounts in different ownership categories, such as a joint account or a retirement account, each with its own $250,000 limit.

How FDIC coverage works across multiple account types

The $250,000 limit is shared across all deposit accounts in your name at Bank of America. This means if you have a savings account with $150,000 and a checking account with $120,000, your total coverage is $250,000 — the FDIC would cover both accounts fully because the combined balance does not exceed the limit. If your combined balance was $300,000, only $250,000 would be covered.

Money market accounts and CDs at Bank of America are also counted toward this same $250,000 limit. The type of account does not matter; what matters is that they are all in your name at the same bank. Retirement accounts (IRAs, SEP-IRAs, and similar accounts) have their own separate $250,000 limit, so an IRA at Bank of America is covered separately from your regular savings account.

Joint accounts have separate coverage. If you and another person own a joint savings account at Bank of America, that account is covered up to $250,000 as a joint account. You can also have your own individual account at Bank of America with another $250,000 in coverage. The FDIC treats these as different ownership categories.

What is not covered by FDIC insurance at Bank of America

FDIC insurance does not cover investment products sold by Bank of America, even if you buy them through your Bank of America account. Stocks, bonds, mutual funds, and brokerage accounts are not FDIC insured. If you have a Bank of America brokerage account holding stocks or mutual funds, those holdings are not protected by the FDIC.

Safe deposit boxes and their contents are also not covered by FDIC insurance. If you rent a safe deposit box at Bank of America and store jewelry, documents, or other valuables inside, the FDIC does not protect those items if the bank fails. Safe deposit box contents are your responsibility to insure separately if you want protection.

Cashier's checks, money orders, and traveler's checks issued by Bank of America are not FDIC insured. Wire transfers and funds transferred out of your account are also not covered — once money leaves your Bank of America account, FDIC protection no longer applies to it.

When FDIC coverage applies and when it does not

FDIC insurance protects you only if Bank of America fails and is closed by regulators. The FDIC steps in when a bank cannot pay its depositors. This is extremely rare in modern banking; the FDIC has insured deposits since 1933, and bank failures are uncommon. Your money is protected against the bank's failure, not against fraud, theft, or your own mistakes.

If someone steals your debit card and drains your account, that is not an FDIC matter — you would report it to Bank of America's fraud department. If you send money to a scammer, the FDIC does not reimburse you. If you accidentally transfer money to the wrong person, FDIC insurance does not cover that loss either. FDIC protection is specifically for the bank failing, not for other types of financial loss.

The FDIC also does not protect you if Bank of America is hacked and customer data is compromised. Data breaches are a separate issue from bank failure. If you believe your account has been compromised due to a breach, contact Bank of America directly to report unauthorized transactions.

How to verify FDIC coverage on your Bank of America accounts

You can check your FDIC coverage using the FDIC's Electronic Deposit Insurance Estimator (EDIE), available on the FDIC website. Enter your Bank of America account details, and EDIE will calculate exactly how much of your balance is covered. This tool accounts for different ownership categories and helps you understand if you have balances above the $250,000 limit.

Bank of America also provides FDIC coverage information in your account statements and online banking portal. You can log into your Bank of America account and look for disclosures about deposit insurance. If you have questions about your specific accounts, you can call Bank of America customer service and ask them to confirm your FDIC coverage.

If you have more than $250,000 to deposit and want full FDIC coverage, you have options. You can open accounts in different ownership categories: an individual account, a joint account with a spouse, and a retirement account, each with separate $250,000 coverage. You can also split deposits across multiple banks, since FDIC coverage is per bank, not per account holder.

Strategies for protecting balances over $250,000

If you have savings over $250,000, the simplest approach is to open accounts at multiple FDIC-insured banks. A Bank of America savings account covers $250,000, a Chase savings account covers another $250,000, and a Wells Fargo savings account covers a third $250,000. Each bank's coverage is separate, so your total protection increases with each additional bank.

Another strategy is to use different ownership categories at the same bank. A savings account in your individual name is covered up to $250,000. A joint savings account with your spouse at Bank of America is covered separately up to $250,000. A traditional IRA at Bank of America is covered separately up to $250,000. These are three different coverage buckets, even though they are all at Bank of America.

Bank of America also offers sweep accounts and linked accounts that can help organize your money across multiple banks automatically. Ask a Bank of America representative about these options if you want to maintain a relationship with one bank while spreading your deposits across multiple FDIC-insured institutions.

Frequently Asked Questions

Does FDIC insurance cover my Bank of America savings account if the bank is hacked?

No. FDIC insurance only protects you if Bank of America fails as a bank. A data breach or hack is a separate issue. If your account is compromised, contact Bank of America's fraud department immediately. Bank of America has its own fraud protection policies separate from FDIC insurance.

If I have $300,000 in a Bank of America savings account, how much is covered?

The FDIC covers $250,000. The remaining $50,000 is not covered by FDIC insurance. To protect the full $300,000, you would need to move $50,000 to another FDIC-insured bank or open a joint account or retirement account at Bank of America, each with its own $250,000 limit.

Are Bank of America money market accounts FDIC insured?

Yes, money market accounts at Bank of America are FDIC insured up to $250,000. The coverage is the same as for savings accounts and is counted toward your total $250,000 limit per ownership category at Bank of America.

What happens to my FDIC coverage if I move my money to another bank?

FDIC coverage is tied to the bank where your account is held, not to you personally. If you move your money from Bank of America to another FDIC-insured bank, your coverage transfers to that new bank. Your Bank of America account is no longer covered once the money is withdrawn.

Can I get more than $250,000 in FDIC coverage at Bank of America?

Yes, by using different ownership categories. A joint account with your spouse has separate $250,000 coverage. A traditional IRA has separate $250,000 coverage. A revocable trust account may have separate coverage depending on the beneficiaries. Each category is a separate $250,000 bucket at Bank of America.