Smart Choices – Spring 2013
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Maximizing Your FDIC Coverage

You probably know that the Federal Deposit Insurance Corporation, or FDIC, covers bank deposits up to $250,000. But did you know that you can increase your FDIC insured coverage with one institution if the deposits are held in different ownership categories?

In order to maximize your FDIC coverage, your deposits must be held in several specific ownership categories, and certain requirements must be met. The different ownership categories are:

Single account – All single accounts owned by the same person at an insured bank are combined and the FDIC insures the total up to $250,000.

Certain retirement account - All certain retirement accounts owned by the same person at an insured bank are combined and the FDIC insures the total up to $250,000.

Joint account – if two people share a joint account, the FDIC will insure each co-owner’s share up to $250,000.

Revocable trust account – The FDIC determines the amount of the trust’s deposits belonging to each owner, and then determines the number of beneficiaries for each owner. When a revocable trust owner has five or fewer beneficiaries, the owner is insured up to $250,000 for each unique beneficiary.

So for instance, a married couple could each have a single account with $250,000 of coverage, and a certain retirement account with $250,000 of coverage and then together could have a joint account with $500,000 of coverage for total covered deposits of $1.5 million at one insured bank. If the couple has children and opens revocable trust accounts, this coverage can be increased even more.

You can take advantage of FDIC coverage when you deposit your money with Nationwide Bank. And, with a 4-Star Safe & Sound® rating and eight straight Top Tier Awards from Bankrate.com, your deposits will not only remain secure, but will earn more too.

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