Maximize your FDIC coverage
Discover Bank savings accounts are now FDIC-insured up to $250,000 per accountholder.
On October 3, 2008, Congress passed new legislation temporarily increasing FDIC coverage from $100,000 to $250,000 per individual depositor, per deposit category, through December 31, 2013.
This means:
- Individual accounts are insured up to $250,000
- Joint accounts are insured up to $250,000 per co-owner
- IRA accounts are insured up to $250,000 per depositor (this is in addition to coverage for non-IRA accounts)
Here's one way a household can make the most of its FDIC insurance and be covered up to $1,000,000.
| Accountholders within a Household |
Deposit Type* |
Account Balance |
| Accountholder 1 |
Discover Bank Money Market Account |
$250,000 |
| Accountholder 1 |
Discover Bank IRA Account |
$250,000 |
| Accountholder 1 & 2 (50/50 ownership) |
Discover Bank CD Account |
$500,000 ($250,000 per co-owner) |
| Total Deposits per Household |
|
$1,000,000 |
| Amount Insured |
|
$1,000,000 |
*Deposit types include Discover Bank Money Market Accounts, CDs and IRAs.
