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|
|Interest Checking||John Doe||None||$250,000|
|No Penalty CD||Mary Doe||None||$250,000|
|Online Savings||John and Mary Doe||None||$500,000|
|Traditional IRA||John Doe||None||$250,000|
|Roth IRA||Mary Doe||None||$250,000|
|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|