FDIC Insurance
At Stansdale Bank, all our accounts bring you the peace of mind that comes with the protection of FDIC insurance – up to $250,000 per depositor, per insured bank, for each ownership category
Your FDIC coverage MAXIMIZED
Separate FDIC Insurance for different ownership categories maximizes your coverage.
- Single Accounts: A single account is owned by one person, and all of that person's single accounts at a bank will be added together and insured up to $250,000.
- Joint Owners: A joint account is owned and accessible by two or more people, and each person’s share of their jointly owned accounts are added together and insured up to $250,000 per joint owner.
- Retirement Accounts: Traditional and Roth Individual Retirement Accounts (IRAs) are owned by one person but insured separately from single accounts, and all of that person's retirement accounts at a bank will be added together and insured up to $250,000.
- Trust Accounts: Trust Accounts are generally insured based on the number of qualifying beneficiaries, and all of the trust’s accounts at a bank will be added together and insured up to $250,000 for each qualifying beneficiary.
Here is an example of how you can enhance your FDIC protection with Stansdale Bank
Meet Phil and Phyllis, their 21-year-old son, Phil, Jr. and 18-year-old daughter, Philomena. See this illustrative example of how a family can structure their accounts to maximize their FDIC protection.
|
Account Ownership |
Account Type |
Account Owners |
Beneficiary |
FDIC Insured Amount |
|---|---|---|---|---|
|
Single |
High Yield Savings Account |
Phil |
n/a |
Up to $250,000 |
|
Single |
12-month Certificate of Deposit |
Phillys |
n/a |
Up to $250,000 |
|
Single |
18-month Certificate of Deposit |
Phil Jr. |
n/a |
Up to $250,000 |
|
Single |
High Yield Savings Account |
Philomena |
n/a |
Up to $250,000 |
|
Joint |
Money Market Account |
Phill & Phyllis |
n/a |
Up to $500,000 |
|
Qualifying Retirement Account |
Traditional IRA |
Phil |
n/a |
Up to $250,000 |
|
Qualifying Retirement Account |
Roth IRA |
Phillys |
n/a |
Up to $250,000 |
|
Trust Account |
Revocable Trust |
Phil |
Phil Jr. & Philomena |
Up to $500,000 |
|
Total FDIC Coverage |
Up to $2,500,000 |
|||
Additional tools
There are a variety of additional scenarios that you may wish to explore when it comes to protecting your money. The FDIC has a handy tool – EDIE The Estimator – that can help get you started.
