Where to look for FDIC-insured savings accounts

FDIC-insured savings accounts are offered by banks and credit unions that hold FDIC insurance. You can find them by visiting the FDIC's official bank search tool at banks.data.fdic.gov, which lists every institution with FDIC coverage and lets you filter by state, city, or bank name. This is the fastest way to confirm whether a specific bank you're considering actually carries FDIC insurance.

You can also search directly on individual bank websites — most display their FDIC status prominently on the account details page or in their terms and conditions. Credit unions typically carry NCUA insurance instead of FDIC insurance, but it works the same way: your deposits up to $250,000 per account category are protected. The NCUA maintains its own search tool at mapping.ncua.gov.

Large national banks like Bank of America, Wells Fargo, Chase, and Citibank all carry FDIC insurance on their savings accounts. Regional banks and online-only banks like Ally, Marcus, and Discover also carry FDIC insurance, though you should verify this before opening an account rather than assume it.

Key Takeaways

  • The FDIC's official bank search tool at banks.data.fdic.gov is the authoritative way to confirm whether a specific bank holds FDIC insurance.
  • Credit unions carry NCUA insurance instead of FDIC insurance, and you can verify their status using the NCUA's search tool at mapping.ncua.gov.
  • Most major national banks and online banks carry FDIC insurance, but you should always verify before opening an account rather than assume.
  • FDIC insurance covers up to $250,000 per account category at each bank, so holding accounts at multiple banks lets you protect more money.
  • The FDIC's coverage limits reset each calendar year, so your protection status depends on your balance and account type as of December 31.

Understanding FDIC coverage limits for your situation

FDIC insurance protects $250,000 per depositor, per bank, per account category. This means if you have $300,000 in a savings account at one bank, only $250,000 is covered — the remaining $50,000 is not protected if the bank fails. If you have $300,000 split between a savings account and a money market account at the same bank, each account is covered separately up to $250,000, so your full $300,000 is protected.

Account categories include single accounts (held in your name alone), joint accounts (held with another person), retirement accounts (IRAs, SEP-IRAs, and similar), and trust accounts. A $200,000 savings account in your name and a $200,000 joint savings account with your spouse at the same bank are both fully covered because they fall into different categories.

If you have more than $250,000 to protect in a single category, you can open accounts at multiple FDIC-insured banks. A $300,000 savings account at Bank A and a $300,000 savings account at Bank B are both fully covered because they are at different institutions. The FDIC website has a coverage calculator that walks you through your specific situation.

Comparing savings account features across FDIC-insured banks

Once you've confirmed a bank carries FDIC insurance, compare the actual account terms: interest rate, minimum balance requirement, monthly fees, and withdrawal limits. Interest rates on savings accounts vary widely — online banks often pay higher rates than brick-and-mortar banks because they have lower overhead costs. As of early 2024, rates range from under 0.01% at some large national banks to over 4% at some online banks, though these rates change frequently.

Check whether the bank charges a monthly maintenance fee and what balance you need to avoid it. Some banks waive fees if you maintain a minimum balance (often $500 to $2,500), while others charge $5 to $15 per month regardless. A few banks charge no monthly fees at all. Over a year, a $10 monthly fee costs $120 — money that could otherwise stay in your account earning interest.

Read the withdrawal policy carefully. Federal law allows banks to limit savings account withdrawals, though most do not enforce this limit in practice. Some banks restrict transfers to six per month; others allow unlimited transfers. If you plan to move money frequently, this matters. Money market accounts sometimes have higher interest rates than savings accounts but may require a larger minimum balance or limit your check-writing ability.

Verifying FDIC insurance before you deposit money

Before you transfer money into a new account, take two minutes to confirm the bank's FDIC status using the official search tool. Go to banks.data.fdic.gov, enter the bank name, and look for the bank's FDIC certificate number. If the bank appears in the search results with an active status, it holds FDIC insurance. If it does not appear, or appears with a "closed" or "inactive" status, the bank does not currently carry FDIC coverage.

Some banks operate under multiple names or have recently merged, which can make the search confusing. If you cannot find the bank you're looking for, call the bank's customer service line and ask directly: "Does this bank carry FDIC insurance?" They will tell you yes or no. Write down the answer and the date you called — this creates a record if you need it later.

Do not rely on the bank's website alone to confirm FDIC status. While most banks display this information, the official FDIC search tool is the authoritative source. A bank might claim FDIC insurance on its website but actually not carry it, or might have lost its insurance status recently without updating its site.

What to do if a bank does not carry FDIC insurance

Some banks, particularly very small regional institutions or newer online banks, do not carry FDIC insurance. This does not mean the bank is unsafe or that you cannot use it — it means your deposits are not protected by the federal government if the bank fails. The risk is real but uncommon; bank failures happen rarely in the United States.

If you choose to use a non-FDIC-insured bank, understand that you are accepting this risk. Your money is still held at the bank and you can withdraw it normally, but if the bank becomes insolvent, you may lose some or all of your deposit. Some non-FDIC-insured banks carry private deposit insurance instead, which may or may not cover your full balance depending on the policy.

For most people, using FDIC-insured banks is simpler and safer. The difference in interest rates or features between an FDIC-insured bank and a non-FDIC-insured bank is rarely large enough to justify the added risk. If you find a bank you like, check its FDIC status first — if it is not insured, look for an FDIC-insured alternative before opening an account.

How to move money between FDIC-insured banks

If you already have savings at one bank and want to move some or all of it to another FDIC-insured bank, you have several options. The simplest is to withdraw the money in cash or request a cashier's check, then deposit it at the new bank. This takes one to three business days depending on how the new bank processes deposits.

You can also transfer money electronically using an ACH transfer (Automated Clearing House), which moves money directly from one bank account to another. Most banks allow you to initiate an ACH transfer online or by phone. ACH transfers usually take three to five business days to complete. During this time, the money is in transit and technically belongs to neither bank — it is not covered by either bank's FDIC insurance until it lands in your account at the new bank.

Some banks offer a wire transfer option, which is faster (usually one business day) but may cost $15 to $30. For large amounts, the speed might be worth the fee. For smaller amounts, an ACH transfer is usually free and the three-to-five-day wait is not a problem.

Frequently Asked Questions

Does FDIC insurance cover money I lose to fraud or theft?

No. FDIC insurance only covers deposits if the bank itself fails. If someone steals your login credentials and drains your account, or if you send money to a scammer, FDIC insurance does not protect you. Your bank may reimburse you under fraud protection rules, but that is separate from FDIC coverage. Report fraud to your bank immediately.

If I have $500,000, how do I protect all of it with FDIC insurance?

Open accounts at two different FDIC-insured banks. Put $250,000 in a savings account at Bank A and $250,000 in a savings account at Bank B. Both accounts are fully covered. You can also split the money across different account categories at the same bank — for example, $250,000 in a savings account in your name and $250,000 in a joint savings account with your spouse — but using two banks is simpler.

Can I lose FDIC coverage if I move money around?

No. Moving money between accounts or banks does not affect your coverage. The FDIC calculates your coverage based on your balance on December 31 of each year. As long as your balance in each account category at each bank does not exceed $250,000 on that date, you are fully covered.

What happens to my FDIC coverage if a bank merges with another bank?

If your bank merges with another bank that also carries FDIC insurance, your coverage continues without interruption. If your bank merges with a non-FDIC-insured institution, you lose FDIC coverage on that account. The FDIC notifies depositors of mergers in advance, so you will have time to move your money if you want to maintain coverage.

Are online banks as safe as brick-and-mortar banks?

If an online bank carries FDIC insurance, your deposits are just as protected as they are at a physical bank. The FDIC does not distinguish between online and traditional banks — the insurance is the same. Online banks often pay higher interest rates because they have lower costs, not because they are riskier. Always verify FDIC status before opening an account, regardless of whether the bank is online or has physical branches.