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 Category | Account Type | Owner(s) | Beneficiary | Amount |
|---|---|---|---|---|
| Single | ||||
| Interest Checking | John Doe | None | $250,000 | |
| No Penalty CD | Mary Doe | None | $250,000 | |
| Joint | ||||
| Online Savings | John and Mary Doe | None | $500,000 | |
| Retirement | ||||
| Traditional IRA | John Doe | None | $250,000 | |
| Roth IRA | Mary Doe | None | $250,000 | |
| Revocable Trust | ||||
| Raise Your Rate CD - POD | John Doe | Jane Doe | $250,000 | |
| High Yield CD - Living Trust | Mary Doe | John Doe Jr. | $250,000 | |
| FDIC Insured Total: | $2,000,000 | |||
Calculate your coverage
Try EDIE the Estimator, created by the FDIC.
