FDICFederal Deposit Insurance Corporation

FDIC Coverage

FDIC insurance covers your Discover Bank deposits dollar for dollar, including principal and any accrued interest, up to $250,000 per individual accountholder.† According to the FDIC, since it's inception in 1933, no depositor has lost a cent of insured deposits.

The FDIC is an independent agency of the U.S. government. All FDIC-insured banks must meet the highest standards of financial strength and stability. You can find more information on the official FDIC Web site.

Maximize Your FDIC Coverage

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor, per deposit category, through December 31, 2013.

This means:

  • Individual accounts are insured up to $250,000 per accountholder
  • Joint accounts are insured up to $250,000 per accountholder
  • IRA accounts are insured up to $250,000 per accountholder

Here's one way a household can make the most of its FDIC insurance and be covered up to $1,500,000:

Two Person Household
Accountholders Within a HouseholdAccount Type*Account Balance
Accountholder 1Individual Money Market or CD Account$250,000
Accountholder 2Individual Money Market or CD Account$250,000
Accountholder 1Traditional and/or Roth IRA CD$250,000
Accountholder 2Traditional and/or Roth IRA CD$250,000
Accountholder 1 & 2Individual Online Savings, Money Market or CD Account$500,000
Total Deposits per Household$1,500,000
Total Amount Insured$1,500,000

Here's one way a single depositor can be covered up to $500,000:

One Person Household
Accountholders Within a HouseholdAccount Type*Account Balance
Accountholder 1Individual Online Savings, Money Market or CD Account$250,000
Accountholder 1Traditional and/or Roth IRA CD$250,000
Total Deposits per Household$500,000
Total Amount Insured$500,000

Find more help calculating your coverage with the official FDIC Coverage Calculator.

*Account types include Discover Bank Online Savings, Money Market Accounts, CDs and IRAs.

† On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor, per deposit category, through December 31, 2013.