Changes in FDIC Limits

As part of the Rescue Bill, Congress also increased FDIC deposit insurance from $100,000 to $250,000 for all of an individual's accounts at a single institution. For one year, joint accounts, retirement accounts, and trust accounts are insured separately. This means a married couple can insure up to $1 million at a single bank, by making a few simple adjustments. Changes also affect revocable trusts, allowing the same amount of insurance for beneficiaries, such as your children. That means, a married couple with three kids could create enough qualifying individual and joint accounts to protect up to $1.5 million. It's important to note that the FDIC has never failed to pay a single dime of insured money when banks have failed, so you won't have to make a run on the bank or hide your money in your mattress anymore. Small businesses will also benefit from new increases, as well as the confidence that comes with this kind of insurance.