https://www.nerdwallet.com/article/banking/how-to-insure-your-money-when-youre-banking-over-250k Skip to content Our top picks Top Picks Guides & tips Guides Calculators Tools My NerdWallet Banking Banking How to Insure Your Money When You're Banking Over $250K Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make financial decisions with confidence. And while our site doesn't feature every company or financial product available on the market, we're proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward -- and free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners . How to Insure Your Money When You're Banking Over $250K The FDIC insures $250,000 per depositor, per institution and per ownership category. Learn how to protect your money if you have more than that. Ruth Sarreal By Ruth Sarreal Ruth Sarreal Ruth Sarreal Content Management Specialist | Bank accounts, bank account bonuses Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Learn More Updated Mar 1, 2022 Edited by Yuliya Goldshteyn Yuliya Goldshteyn Yuliya Goldshteyn Assistant Assigning Editor | Banking Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon. Learn More [GettyImage] Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. The Federal Deposit Insurance Corp. insures up to $250,000 per depositor, per institution and per ownership category at member banks. But what can you do if you've got more than $250,000 in the bank? Here are eight solutions for insuring all your money. 1. Open an account at a different bank Perhaps the most straightforward way to get another $250,000 insured is to open an account at a second FDIC member bank. If you're using accounts that earn interest at a bank with only FDIC insurance, be sure your deposits are low enough that your balance with interest will be within the $250,000 limit. Once an account reaches the $250,000 limit, you can open another new account at another institution. >> Find the highest yields for your money with one of NerdWallet's choices for the best high-interest accounts 2. Add a joint owner Single, individually owned accounts are insured up to $250,000 total at FDIC member banks. However, joint accounts -- with two or more owners -- are insured up to $500,000 total. So to double the insured amount in deposit accounts at a single bank, you can add another owner. >> Considering a co-owner on your deposits? Find out how and when joint bank accounts work 3. Get an account that's in a different ownership category FDIC insurance coverage applies to several ownership categories: * Single accounts (owned by one person). * Joint accounts (owned by more than one person). * Certain retirement accounts, including IRAs. * Revocable trust accounts. * Irrevocable trust accounts. * Corporation, partnership and unincorporated association accounts. * Employee benefit plan accounts. * Government accounts. The ownership category refers to who owns the account -- such as a single or joint account -- and the account type. So, for example, you could still safely have up to $250,000 total across checking, certificates of deposit, savings, and money market accounts in a "single account" ownership category and put another $250,000 in a qualifying individual retirement account, which falls under the ownership category of "certain retirement accounts." >> Need more details? Learn about FDIC insurance ownership categories 4. Join a credit union Similar to the FDIC, the National Credit Union Share Insurance Fund insures up to $250,000 per person, per institution, per ownership category at credit unions that have National Credit Union Administration membership. Any credit union offering this coverage must show that it's insured in its advertising and display the official NCUSIF sign at its branches. To open an account at a credit union, you need to be a member. Credit unions sometimes limit membership by region or employers, but some of the best credit unions have easier qualifications to join. 5. Use IntraFi Network Deposits (formerly CDARS and ICS) The IntraFi Network Deposits program -- previously known as Certificate of Deposit Registry Service and Insured Cash Sweep -- allows you to get FDIC insurance on millions of dollars through a network of financial institutions without having to open accounts at multiple banks. Instead, you can keep all your money at one bank, and as long as that bank is part of the IntraFi Network, the program will funnel your money into deposit accounts of your choice at other network banks. 6. Open a cash management account A cash management account is an account that has features similar to checking, savings and/or investment accounts. Depending on the CMA, your account may offer a debit card, check writing abilities and earn interest, among other benefits. Nonbank financial service providers tend to offer CMAs, but the FDIC insures the cash balance of a CMA, with some institutions offering coverage for up to $1.25 million-$2.46 million total. They're able to do this as members of the IntraFi Network Deposits program. >> Ready to open one of these hybrid accounts? See our list of the best cash management accounts 7. Put your money in a MaxSafe account A MaxSafe account maximizes FDIC insurance coverage by offering protection for balances of $250,000 up to $3.75 million total per person. Wintrust, the company that offers MaxSafe accounts, provides this level of protection by distributing deposits across more than a dozen community bank charters, similar to how the IntraFi Network works. MaxSafe accounts include CDs, money market accounts and IRAs. 8. Opt for an account with both FDIC and DIF insurance The Depositors Insurance Fund, or DIF, is a private insurance fund that insures deposit amounts at member banks beyond what the FDIC covers -- without a limit. About 80 banks offer DIF coverage, and all are based in Massachusetts. FDIC insurance has limitations, but you have several options to insure a greater amount. About the author: Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. Read more POPULAR ON NERDWALLET 6 Best High-Yield Online Savings Accounts of March 2023 25 Ways to Make Money Online, Offline and at Home 13 Best Balance Transfer & 0% APR Credit Cards of March 2023 16 Best Travel Credit Cards of March 2023 Dive even deeper in Banking Best High-Yield Online Savings Accounts of March 2023 by Margarette Burnette Read more Compound Interest Calculator by Margarette Burnette Read more The Best Places to Save Money and Earn Interest by Spencer Tierney Read more --------------------------------------------------------------------- Explore Banking Get more smart money moves - straight to your inbox Sign up and we'll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. Sign up [email-veri] Make all the right money moves BankingCredit ScoreCheckingSavingsPrepaid Debit CardsMoney Transfer CDs Credit CardsCredit Card BasicsCredit Cards for Bad CreditStudent Credit CardsRewards Credit CardsCredit Cards for Average or Fair CreditCash Back Credit CardsBalance Transfer Credit CardsAirline Credit CardsLow Interest and No Fee Credit Cards Financial PlanningPaying off debtCollege SavingsMaking Money Financial News InsuranceAuto InsuranceHomeowners InsuranceLife InsuranceMedicare Renters InsurancePet Insurance InvestingRetirement PlanningRoth IRAEstate PlanningBrokers401k LoansAuto LoansStudent Loans MortgagesMortgage RatesMortgage ProcessHomeownershipHomeownership CostsSelling Your HomeHome AffordabilityProperty Taxes Small BusinessRunning Your BusinessSmall-Business LoansBusiness Credit CardsSmall-Business TaxesStarting a Business TaxesIncome TaxesInvestment TaxesPersonal Taxes TravelVacations & Trip PlanningReward OptimizationsRental CarsTravel Insurance Banking Explore Banking Credit Score Checking Savings Prepaid Debit Cards Money Transfer CDs Credit Cards Explore Credit Cards Credit Card Basics Credit Cards for Bad Credit Student Credit Cards Rewards Credit Cards Credit Cards for Average or Fair Credit Cash Back Credit Cards Balance Transfer Credit Cards Airline Credit Cards Low Interest and No Fee Credit Cards Financial Planning Explore Financial Planning Paying off debt College Savings Making Money Financial News Explore Financial News Insurance Explore Insurance Auto Insurance Homeowners Insurance Life Insurance Medicare Renters Insurance Pet Insurance Investing Explore Investing Retirement Planning Roth IRA Estate Planning Brokers 401k Loans Explore Loans Auto Loans Student Loans Mortgages Explore Mortgages Mortgage Rates Mortgage Process Homeownership Homeownership Costs Selling Your Home Home Affordability Property Taxes Small Business Explore Small Business Running Your Business Small-Business Loans Business Credit Cards Small-Business Taxes Starting a Business Taxes Explore Taxes Income Taxes Investment Taxes Personal Taxes Travel Explore Travel Vacations & Trip Planning Reward Optimizations Rental Cars Travel Insurance about Company Leadership Careers Corporate impact Diversity & Inclusion Editorial guidelines Star rating methodologies Editorial team News Press kit Investors help Help center Support team Community Security FAQs legal Terms of use Privacy policy California privacy policy Privacy preferences Do not sell or share my personal information Download the app Learn more about the app Download on the App StoreGet it on Google Play Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product's site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution's Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion(r) directly. NerdWallet Compare, Inc. NMLS ID# 1617539 NMLS Consumer Access|Licenses and Disclosures California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812 Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. OK92033) Property & Casualty Licenses NerdWallet(tm) | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105 #NerdWallet USA | #NerdWallet UK | #NerdWallet CA | #NerdWallet AU #NerdWallet CA|#NerdWallet AU (c) 2023 NerdWallet, Inc. All Rights Reserved. * Twitter * Facebook * Instagram [opt]