Your deposits are protected up to $250,000 per account
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects deposits at FDIC-member banks. Since 1933, FDIC has been ensuring the safety and soundness of the nation's banking system.
Each depositor is insured up to $250,000 per ownership category at each FDIC-insured bank.
FDIC insurance is automatic when you open a deposit account with an FDIC-insured bank. No application required.
Checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs).
If your bank fails, FDIC typically pays insured deposits within a few business days.
Knowing your hard-earned money is protected by the U.S. government gives you confidence in your banking relationship. You can save with certainty, knowing your deposits are safe up to the coverage limit.
FDIC insurance comes at no cost to depositors. Banks pay insurance premiums to the FDIC, ensuring your deposits remain protected without any fees or charges on your account.
Every dollar you deposit up to $250,000 is fully insured. This means if your bank fails, you won't lose a single cent of your covered deposits. The $250,000 coverage applies to each ownership category, so you may have additional coverage for different account types.
Bank failures are extremely rare, but when they do occur, FDIC ensures you don't lose your money. FDIC has a 100% track record of protecting insured deposits, with billions paid out over decades without a single dollar of losses to insured depositors.
By providing deposit insurance, FDIC helps maintain public confidence in the banking system, preventing bank runs and ensuring the stability of the entire financial system.
The $250,000 coverage applies to each ownership category. You can have more than $250,000 insured at the same bank by using different ownership categories:
$250,000 per person
$250,000 per co-owner
$250,000 per account
$250,000 per beneficiary
FDIC insured: Rave Vaults is an FDIC-insured bank (Member FDIC).
What's NOT covered: Stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities are not covered by FDIC insurance.
Separate coverage: Deposits at different FDIC-insured banks are insured separately. Deposits at the same bank but in different ownership categories are insured separately.
No action needed: You don't need to apply for FDIC insurance. It's automatic when you open an account.
Our team is here to help you understand your FDIC coverage and answer any questions about deposit insurance.