FDIC Insurance

Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As an Ally customer, your Ally deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.

Maximizing FDIC Insurance

Know the facts. With a combination of accounts, you could be covered for more than $250,000.

Here are a few ways you could make it work for you:

  • Consider single-name accounts for each family member. Mom, Dad, and the college student can each have a single-name account insured to $250,000 – for a total of $750,000.
  • Pool your money into joint accounts. Funds in joint accounts are insured separately from single accounts and other ownership categories, up to a total of $250,000 per owner.
  • Set up an account in a child's name. If permitted in your state, the Uniform Gift to Minors Act (or Uniform Transfer to Minors Act) insures accounts as single-name accounts under the minor's name, not the parent's or custodian's.
  • Consider trust accounts. Revocable trusts allow coverage for beneficiaries. For example, 5 beneficiaries could be insured for a total of $1,250,000.

Here's an example of how a couple could make the most of their FDIC insurance coverage at Ally:

Account Ownership CategoryAccount TypeOwner(s)BeneficiaryAmount
Single
Interest CheckingJohn DoeNone$250,000
No Penalty CDMary DoeNone$250,000
Joint
Online SavingsJohn and Mary DoeNone$500,000
Retirement
Traditional IRAJohn DoeNone$250,000
Roth IRAMary DoeNone$250,000
Revocable Trust
Raise Your Rate CD - PODJohn DoeJane Doe$250,000
High Yield CD - Living TrustMary DoeJohn Doe Jr.$250,000
FDIC Insured Total:$2,000,000

Calculate your coverage
Try EDIE the Estimator, created by the FDIC.