FDIC Insurance

Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As an Ally Bank customer, your Ally Bank 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 Bank:

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
Single
John Doe
$250,000
Mary Doe
$250,000
Joint
John and Mary Doe
$250,000
Retirement
John Doe
$250,000
Mary Doe
$250,000
Revocable Trust
John Doe and Jane Doe
$250,000
Mary Doe and John Doe Jr.
$250,000
FDIC INSURED TOTAL
for 7 accounts
$2,000,000

Additional tools from the FDIC
Learn more with FDIC educational materials and calculate your coverage with EDIE the Estimator.