Are savings accounts FDIC insured?

Yes, savings accounts are FDIC insured. The Federal Deposit Insurance Corporation is a U.S. government corporation that insures deposits in banks and thrifts.FDIC insurance protects up to $250,000 per depositor, per bank, for each account ownership category. The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each ownership category. Deposits held in different ownership categories at the same bank are separately insured up to at least $250,000 regardless of whether the accounts have been consolidated for the purpose of determining insurance coverage. So, if you have a savings account at an FDIC-insured bank, your money is safe up to $250,000. The FDIC does not insure IRA deposits and certain other types of deposits such as brokers’ deposits and foreign offices of member banks. For more information about deposit insurance coverage visit . You may also contact the FDIC by phone at 1-877-275-3342 or by email at .

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