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As a Federal Deposit Insurance Corporation (FDIC) insured institution, deposits at Apple Bank receive full FDIC coverage of up to $250,000 per depositor, for each account ownership category. FDIC insurance covers all types of Apple Bank deposit accounts, including personal and business checking accounts, Certificates of Deposit, savings accounts and money market accounts.
However, a depositor at an FDIC-insured bank, such as Apple Bank, can maintain more than $250,000 in deposits and still be fully insured, provided the accounts meet certain requirements. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank.
Basic FDIC Deposit Insurance Coverage Limits
Single Accounts (owned by one person)
$250,000 per owner
Joint Accounts (two or more persons)
$250,000 per co-owner
IRAs and certain other retirement accounts
Informal Trust Accounts
$250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership and Unincorporated Association Accounts
$250,000 per corporation, partnership or unincorporated association
Employee Benefit Plan Accounts
$250,000 for the non-contingent, ascertainable interest of each participant
$250,000 per official custodian
The table below demonstrates how a family of four could maximize their FDIC insurance coverage.
A Family of Four Could Receive Up to $6 Million in FDIC Deposit Insurance Coverage
Individual Account owned by John Smith
Individual Account owned by Mary Smith
Individual Account owned by son, James Smith
Individual Account owned by daughter, Anne Smith
Joint Account owned by John and Mary Smith and two children
IRA owned by John Smith
IRA owned by Mary Smith
IRA owned by son, James Smith
IRA owned by daughter, Anne Smith
Revocable Trust Account owned by John Smith for benefit of wife and two children
Revocable Trust Account owned by Mary Smith for benefit of husband and two children
Revocable Trust Account owned by James Smith for benefit of mother, father and sister
Revocable Trust Account owned by Anne Smith for benefit of mother, father and brother
If you have questions about FDIC coverage limits and requirements, please visit www.FDIC.gov, or call toll-free 1-877-ASK-FDIC. Please contact Apple Bank’s CustomerLine at 1-914-902-2775 to speak with an agent, Monday through Friday from 8:30 am to 6:00 pm ET.
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