Yes the FDIC coverage is per depositor, per insured bank, for each account type (e.g., single, joint, IRA). Multiple accounts of the same type at the same bank are added together.
Also a caveat to this is, what many people don’t realize is banks fail pretty often. Last year four banks had to be taken over by the FDIC.
Edit: I am still thinking 2024 was last year. It was four banks in 24, not sure about 25.
Yes the FDIC coverage is per depositor, per insured bank, for each account type (e.g., single, joint, IRA). Multiple accounts of the same type at the same bank are added together.
Also a caveat to this is, what many people don’t realize is banks fail pretty often. Last year four banks had to be taken over by the FDIC.
Edit: I am still thinking 2024 was last year. It was four banks in 24, not sure about 25.
Yep. People tend to think of the big 5-10 names that are on every corner, but the FDIC insures over 4,000 banks in the US.
PDF warning: https://www.fdic.gov/quarterly-banking-profile/fdic-latest-industry-trends-december-2024.pdf