EverBank deposits are FDIC insured up to $250,000 per depositor, per account category, at each FDIC-member bank
EverBank is an FDIC member institution. That means your money in a standard savings or checking account is covered by FDIC insurance up to the $250,000 limit per account type at that bank. If EverBank fails, the FDIC will reimburse you for deposits within that limit.
The key word is "per account category." A savings account and a checking account at EverBank are separate for insurance purposes, so you could have $250,000 in savings and another $250,000 in checking and both would be fully covered. Money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs) are also separate categories, each with their own $250,000 limit.
If you have multiple accounts at EverBank under the same name in the same category—say, two savings accounts—the FDIC adds them together and covers only $250,000 total across both. The coverage is per depositor, per category, per bank, not per account.
Key Takeaways
- EverBank is FDIC insured, meaning deposits up to $250,000 per account category are protected if the bank fails.
- Each account type (savings, checking, money market, CD, IRA) counts as a separate category with its own $250,000 limit.
- Multiple accounts in the same category at EverBank are combined for coverage purposes, so two savings accounts share one $250,000 limit.
- FDIC insurance does not cover investment products like stocks, bonds, or mutual funds, even if held through an EverBank brokerage account.
- If you have deposits at multiple FDIC banks, each bank's coverage is separate, so you can exceed $250,000 total and remain fully insured.
What FDIC insurance actually covers at EverBank
FDIC insurance covers deposits—money you place into the bank for safekeeping. This includes checking accounts, savings accounts, money market deposit accounts, and CDs. It also covers the interest those accounts earn, as long as the total (principal plus accrued interest) does not exceed $250,000 in that category.
The coverage is automatic. You do not need to sign up, pay a fee, or do anything to set up it. If you have a deposit account at EverBank, you are covered.
FDIC insurance does not cover investment products. If EverBank offers a brokerage account where you buy stocks, bonds, mutual funds, or exchange-traded funds (ETFs), those holdings are not FDIC insured. They may be protected under a different system—SIPC (Securities Investor Protection Corporation) covers brokerage accounts up to $500,000 if the brokerage firm fails—but that is separate from FDIC coverage.
How the $250,000 limit works across different account types
The FDIC divides accounts into categories. Each category has its own $250,000 limit, and they do not combine. Here is how it works at EverBank:
| Account Category | Coverage Limit | Example |
|---|---|---|
| Single-name accounts (savings, checking, money market) | $250,000 combined | Two savings accounts at EverBank = $250,000 total coverage |
| Certificates of Deposit (CDs) | $250,000 combined | Three CDs at EverBank = $250,000 total coverage |
| Individual Retirement Accounts (IRAs) | $250,000 combined | Traditional IRA and Roth IRA at EverBank = $250,000 total coverage |
| Joint accounts | $250,000 per co-owner | Joint savings account with spouse = $250,000 per person ($500,000 total) |
If you have $200,000 in an EverBank savings account and $100,000 in an EverBank money market account, both under your name alone, the FDIC covers only $250,000 total. The remaining $50,000 is not covered.
If that same $200,000 is in a savings account under your name alone and $100,000 is in a joint savings account with your spouse, the coverage is different. Your $200,000 is covered in full (under the single-name category), and your spouse's $100,000 share of the joint account is also covered in full (under the joint category). Joint accounts get $250,000 per owner, not per account.
What happens if EverBank fails
If EverBank becomes insolvent and closes, the FDIC steps in. The FDIC does not take over the bank and keep it running. Instead, it either arranges for another bank to buy EverBank's deposits, or it pays depositors directly from the FDIC insurance fund.
In most cases, the FDIC finds a buyer bank within days. Your account is transferred to the new bank, and you keep access to your money. You may get a new debit card and online banking login, but your balance remains the same (up to the $250,000 limit per category).
If no bank buys the deposits, the FDIC mails you a check for the insured amount. This process typically takes one to two weeks, though the FDIC aims to pay faster. You are not responsible for any fees or delays—the FDIC covers the cost.
Any deposits above the $250,000 limit per category are treated as general creditor claims against the failed bank's assets. You may recover some of that money eventually, but there is no may provide, and it can take months or years.
EverBank's FDIC membership and history
EverBank is chartered as a federal savings bank and is a member of the FDIC. Its FDIC certificate number is 35156. You can verify this on the FDIC's official website by searching the institution name or certificate number in their database.
EverBank has been operating since 1992 (originally as EverBank, later acquired by TIAA in 2018). It has not failed, and the FDIC has not had to pay out insurance on EverBank deposits. The bank operates online and through a network of branches, primarily in Florida.
FDIC membership is required for all federally chartered banks and most state-chartered banks. It is not optional. If a bank is FDIC insured, it must follow FDIC rules about capital reserves, lending practices, and risk management.
How to confirm your coverage at EverBank
You can use the FDIC's Electronic Deposit Insurance Estimator (EDIE) tool on the FDIC website to calculate exactly how much of your EverBank deposits are covered. You enter your account balances, account types, and ownership structure (single, joint, IRA, etc.), and EDIE tells you the coverage amount.
You can also call EverBank directly and ask them to confirm your coverage. They can tell you which of your accounts are FDIC insured and up to what amount. If you have questions about a specific account structure—for example, whether a trust account qualifies for separate coverage—EverBank's customer service can walk you through it.
The FDIC also publishes a guide called "Your Insured Deposits" that explains coverage rules in detail. It is free and available on the FDIC website. If your situation is complex—for example, you have accounts in multiple names or hold deposits as a trustee—that guide covers those scenarios.
Frequently Asked Questions
If I have $300,000 at EverBank in a savings account, how much is covered?
The FDIC covers $250,000. The remaining $50,000 is not insured. If you want full coverage for $300,000, you could move $50,000 to a different FDIC bank, or open a joint account at EverBank with another person and deposit $50,000 there (which would be covered under the joint category).
Are EverBank CDs FDIC insured?
Yes. CDs at EverBank are FDIC insured up to $250,000 per depositor. If you have multiple CDs at EverBank, the FDIC adds them together and covers only $250,000 total across all your CDs at that bank. Interest earned on the CD counts toward the limit.
What if I have an EverBank account and also bank at another FDIC bank?
Each FDIC bank's coverage is separate. You can have $250,000 at EverBank and another $250,000 at a different FDIC bank, and both amounts are fully covered. The $250,000 limit applies per depositor, per category, per bank—not across all banks combined.
Does FDIC insurance cover money I invest through EverBank's brokerage?
No. FDIC insurance covers deposits only. If you buy stocks, bonds, or mutual funds through an EverBank brokerage account, those are not FDIC insured. They may be covered by SIPC (up to $500,000 per account) if the brokerage firm fails, but that is a different protection.
If EverBank fails, when will I get my money back?
Usually within days. The FDIC typically finds another bank to take over the deposits, and your account transfers automatically. If no bank buys the deposits, the FDIC mails you a check, which usually arrives within one to two weeks. Deposits above the $250,000 limit may take longer to recover.