The Federal Deposit Insurance Corp. (FDIC) is the agency that insures deposits at member banks in case of a bank failure. FDIC insurance is backed by the full faith and credit of the U.S. government.
FDIC insurance covers traditional bank deposit products, including checking accounts, savings accounts, certificates of deposit and money market deposit accounts.
The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category. This guarantees that their money is safe, as long as it’s within the limits and guidelines.