Ally Bank:
  • 1-877-247-2559
  • Open 24/7

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. A combination of different types of bank account ownership, such as having a single-owned account and a joint-owned account, would allow for more than $250,000 insurance coverage.

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

Consider single-name accounts for each adult family member. 

Married couple John Doe and Mary Doe can each individually have a single-name account insured up to $250,000 – for a total of $500,000.

Pool your money into joint accounts. 

Funds in a joint account are insured separately from single accounts and other ownership categories, up to a total of $250,000 per owner.

Set up a custodian account in a child’s name.

Depending on your state, the Uniform Transfers to Minors Act or Uniform Gift to Minors Act account is insured as a single-name account under the minor’s name.

Consider retirement accounts. 

Similar to a single-name account, retirement account funds are individually insured up to $250,000. 

Consider trust accounts. 

Informal revocable trusts (such as Payable On Death or In-Trust For accounts) and formal revocable trusts (such as Family Trusts or Living Trusts) allow for additional insurance coverage based on beneficiaries. For example, a single-owned revocable trust with 5 beneficiaries could be insured for a total up to $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 Owners Beneficiary Amount
Single Interest Checking John Doe None $250,000
Single 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
Retirement Roth Mary Doe None $250,000
Revocable Trust OSA, CD, or Checking Account John Doe Revocable Trust Jane Doe $250,000
Revocable Trust OSA, CD, or Checking Account Mary Doe Revocable Trust John Doe Jr. $250,000

FDIC Insured Total: $2,000,000

Account ownership category: Account type Owners Beneficiary Amount
Single Interest Checking John Doe None $250,000
Single 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
Retirement Roth Mary Doe None $250,000
Revocable Trust OSA, CD, or Checking Account John Doe Revocable Trust Jane Doe $250,000
Revocable Trust OSA, CD, or Checking Account Mary Doe Revocable Trust John Doe Jr. $250,000

FDIC Insured Total: $2,000,000

Keep in mind: 

This is an example of how FDIC insurance works, and what we’re showing you isn’t legal, tax, investment, or financial advice. If you have questions about FDIC insurance, consult a financial professional or go to FDIC.gov/deposit/deposits for more details.

Additional tools from the FDIC

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

Which username did you forget?

Forgot your bank or invest username?

Call us 24/7 for help.

Bank 1-877-247-2559

Invest 1-855-880-2559