We Offer FDIC Insurance
Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank like KeySavings Bank—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account at KeySavings Bank, we pay for the insurance coverage and you are automatically covered.
If you are looking for ways to deposit more than $250,000 and want it to be insured, please contact us to learn more.
The FDIC covers
- Checking accounts
- Negotiable Order of Withdrawal (NOW) accounts
- Savings accounts
- Money Market Deposit Accounts (MMDAs)
- Time deposits such as certificates of deposit (CDs)
- Cashier’s checks, money orders, and other official items issued by a bank
The FDIC does not cover
- Stock investments
- Bond investments
- Mutual funds
- Crypto Assets
- Life insurance policies
- Annuities
- Municipal securities
- Safe deposit boxes or their contents
- U.S. Treasury bills, bonds or notes*
*These investments are backed by the full faith and credit of the U.S. government.
| FDIC Deposit Insurance Coverage Limits by Account Ownership Category | |
|---|---|
| Single Accounts (Owned by One Person) | $250,000 per owner |
| Joint Accounts (Owned by Two or More Persons) | $250,000 per co-owner |
| Certain Retirement Accounts (Includes IRAs) | $250,000 per owner |
| Revocable Trust Accounts | $250,000 per owner per unique beneficiary |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 for the noncontingent interest of each unique beneficiary |
| Employee Benefit Plan Accounts | $250,000 for the noncontingent interest of each plan participant |
| Government Accounts | $250,000 per official custodian (more coverage available subject to specific conditions) |
Please go to FDIC website and watch their numerous videos for more information:
https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/
Printable FDIC Insurance information:
https://www.fdic.gov/resources/deposit-insurance/brochures/documents/deposit-insurance-at-a-glance-lp-english.pdf
