Clayton Bank     
Clayton Bank
FDIC Insurance
Tips to Maximize FDIC Insurance:
The Federal Deposit Insurance Corporation (FDIC) will insure up to $250,000 per ownership category, per insured bank.

By using a combination of accounts, coverage is available for more than $250,000.
Here is an example of FDIC insurance coverage of $2 million for one couple:
Account Nickname Owner(s) Beneficiary Amount
Single Accounts
John's Interest Checking John Doe None $250,000
Mary's No Penalty CD Mary Doe None $250,000
Joint Accounts
John and Mary' Online Savings John and Mary Doe None $500,000
Retirement Accounts
John's Traditional IRA John Doe None $250,000
Mary's Traditional IRA Mary Doe None $250,000
Revocable Trust Accounts
John's Raise Your Rate CD - Trust John Doe Mary Doe $250,000
Mary's High Yield CD - Trust Mary Doe John Doe $250,000
FDIC Insured Total $2,000,000
Instantly calculate your coverage:

Use EDIE the Estimator, created by the FDIC, to estimate the available FDIC insurance.

More Tips:

  • Single-Accounts per family member. Mom, Dad and the college student can have a single-name account insured to $250,000 - for a $750,0000 total.

  • Use multiple owner accounts. (See how)
  • .
  • Set-up an account on child's name. the Uniform Gift to Minors Act (or Uniform Transfer to Minors Act) insures accounts as single-name accounts under a minor's name - not the parent's or custodian's.

  • Revocable Trust Accounts include POD/ITF and Living Trusts and could allow coverage up to $1,250,000 for five beneficiaries. (See how).

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