Yes, each of your savings accounts at the same bank is insured separately up to the limit

The FDIC insures each savings account you own at a bank separately, up to $250,000 per account. This means if you have two savings accounts at the same bank, you get $250,000 of protection on each one — not $250,000 total across both. The same rule applies whether you have 2 accounts or 10 accounts at that bank.

The key word is "at the same bank". If you have savings accounts at two different banks, each bank's accounts are insured on their own. A savings account at Bank A and a savings account at Bank B are treated as completely separate for insurance purposes.

This matters because many people keep multiple savings accounts for different goals — one for emergencies, one for a house down payment, one for a car. FDIC insurance protects all of them, as long as they are at different banks or meet certain other conditions at the same bank.

Key Takeaways

  • Each savings account you own at one bank is insured up to $250,000 separately, so two accounts at the same bank give you $500,000 of total protection.
  • Accounts at different banks are insured separately from each other, so you can have $250,000 at Bank A and $250,000 at Bank B with full protection at both.
  • Joint accounts (owned by two people together) are insured separately from accounts you own alone, even at the same bank.
  • Money market accounts and checking accounts follow the same rules as savings accounts — each is insured separately up to $250,000.
  • Accounts held in trust for someone else, or retirement accounts, are insured separately from your regular accounts at the same bank.

How the FDIC counts your accounts at one bank

The FDIC groups your accounts into categories based on who owns them. Each category gets its own $250,000 of insurance at the same bank. The main categories are:

Accounts in your name alone are one category. If you have three separate savings accounts at Bank A that only you own, the FDIC adds them together and insures the total up to $250,000. This means if you have $100,000 in one account, $80,000 in another, and $100,000 in a third, only $250,000 is protected — the extra $30,000 is not.

Joint accounts (accounts you own with another person) are a separate category. If you have a joint savings account with your spouse at Bank A, it is insured up to $250,000 on its own. You can also have an individual account at the same bank with another $250,000 of protection.

Retirement accounts like IRAs are insured separately. An IRA at Bank A gets $250,000 of protection, separate from any savings account you own at Bank A. This applies to traditional IRAs, Roth IRAs, and SEP IRAs.

Accounts held in trust for someone else are also separate. If you are the trustee of an account for your child or grandchild, that account is insured separately from your own accounts at the same bank.

What happens when you exceed the limit at one bank

If you have $300,000 in savings accounts at one bank and they are all in your name alone, the FDIC insures $250,000 and leaves $50,000 uninsured. If the bank fails, you get back the $250,000 and lose the $50,000.

This is why people with large amounts of money often split their savings across multiple banks. If you have $500,000 to save, you could put $250,000 at Bank A and $250,000 at Bank B, and both amounts would be fully insured.

The FDIC website has a tool called the FDIC Coverage Calculator where you can enter your accounts and see exactly how much is insured at each bank. It is free and takes a few minutes. This is the most reliable way to check your coverage if you have accounts in multiple categories (joint, retirement, trust, and so on).

Accounts at different banks are always separate

You do not have to worry about combining limits across different banks. A savings account at Bank A, a savings account at Bank B, and a savings account at Bank C are each insured up to $250,000 on their own. The FDIC does not add them together.

This is true even if the banks are owned by the same parent company. For example, if Bank A and Bank B are both subsidiaries of the same holding company, they are still treated as separate banks for FDIC purposes. Your accounts at each one are insured separately.

Online banks are insured the same way as brick-and-mortar banks. An online savings account at Bank A and a savings account at Bank B (whether online or in-person) are both insured separately up to $250,000 each.

Money market accounts and checking accounts follow the same rules

The FDIC insures money market accounts and checking accounts the same way it insures savings accounts — up to $250,000 per category at each bank. A checking account in your name and a savings account in your name at the same bank are added together and insured as one $250,000 total, not separately.

This is important if you keep money in both checking and savings. If you have $150,000 in a checking account and $120,000 in a savings account at the same bank, both in your name, only $250,000 is insured. The extra $20,000 is not covered.

If you want both accounts fully insured, you would need to move one of them to a different bank, or move one into a different ownership category (like a joint account or a retirement account at the same bank).

Certificates of Deposit (CDs) are insured separately

CDs are insured separately from savings and checking accounts at the same bank. If you have a $250,000 CD and a $250,000 savings account at Bank A, both in your name, the FDIC insures both fully — $500,000 total.

However, if you have multiple CDs at the same bank in your name alone, they are added together. Two CDs of $150,000 each at the same bank in your name total $300,000, so only $250,000 is insured.

What to do if you have more than $250,000 to save

The simplest approach is to spread your money across different banks. Open a savings account at Bank A with $250,000, a savings account at Bank B with $250,000, and so on. Each account is fully insured.

You can also use different ownership categories at the same bank if you want to keep everything in one place. For example, you could have a $250,000 savings account in your name, a $250,000 joint account with your spouse, and a $250,000 IRA, all at the same bank. Each would be insured separately.

Before you set this up, use the FDIC Coverage Calculator to make sure your plan actually works. It is straightforward to accidentally combine accounts that you thought were separate, and the calculator catches that.

Frequently Asked Questions

If I have $300,000 in one savings account, how much is insured?

$250,000 is insured. The FDIC covers up to $250,000 per category per bank, so the extra $50,000 is not protected. If the bank fails, you would lose that $50,000.

Can I have two savings accounts at the same bank and have both fully insured?

Only if they are in different ownership categories. Two savings accounts both in your name are added together and insured as one account up to $250,000 total. But a savings account in your name and a joint savings account with your spouse are insured separately, so both can be fully insured at the same bank.

Does FDIC insurance cover savings accounts at online banks?

Yes, as long as the online bank is FDIC-insured. Most online banks are, but you can check by searching the bank's name on the FDIC's BankFind tool. Online banks follow the same insurance rules as traditional banks — $250,000 per category per bank.

If I move money from one bank to another, do I lose my insurance coverage?

No. Moving money between banks does not affect your FDIC coverage. Once the money arrives at the new bank, it is insured under that bank's $250,000 limit. There is no gap in coverage during the transfer.

What if my bank is bought by another bank?

Your coverage stays the same. If Bank A is bought by Bank B, your accounts are still insured up to $250,000 per category. The FDIC does not reduce coverage when banks merge.