Yes, Bank of America savings accounts are FDIC insured up to $250,000 per depositor, per account category, per bank

The Federal Deposit Insurance Corporation (FDIC) covers your Bank of America savings account automatically. You do not need to sign up, pay a fee, or take any action — the coverage is built in. If Bank of America fails, the FDIC will reimburse you up to $250,000 in that account.

The $250,000 limit applies per depositor, per account category, per bank. This means if you have $300,000 in a Bank of America savings account, the FDIC covers $250,000 and you lose the remaining $50,000. If you have $150,000 in a Bank of America savings account and $150,000 in a Bank of America money market account, both are covered in full because they are separate account categories.

FDIC insurance covers Bank of America savings accounts, money market accounts, and certificates of deposit (CDs). It does not cover investment accounts, brokerage accounts, mutual funds, or stocks held at Bank of America's investment division.

Key Takeaways

  • Bank of America savings accounts are automatically FDIC insured up to $250,000 per depositor per account type, with no action required on your part.
  • The $250,000 limit resets for each account category — a savings account and a money market account at the same bank are insured separately.
  • Joint accounts receive a separate $250,000 limit per account owner, so a joint savings account with two owners is covered up to $500,000 total.
  • FDIC insurance does not cover investment products like stocks, mutual funds, or brokerage accounts, even if held at Bank of America.
  • If you have more than $250,000 to deposit, you can open accounts at different banks or use different account categories to stay fully covered.

How the $250,000 limit works across multiple accounts

The FDIC insures each account category separately at the same bank. If you have $200,000 in a Bank of America savings account and $200,000 in a Bank of America money market account, both are fully covered because they are different categories. If you have $200,000 in a Bank of America savings account and $200,000 in another Bank of America savings account, only one account is covered — the FDIC treats them as the same category and combines them for the $250,000 limit.

Account categories that receive separate FDIC coverage include: single accounts (held in one person's name), joint accounts (held by two or more people), retirement accounts (IRAs, SEP-IRAs, SIMPLE IRAs), trust accounts, and accounts held in the name of a deceased person's estate. A retirement account at Bank of America is covered up to $250,000 separately from a single savings account at the same bank.

If you are a joint account holder, the FDIC covers up to $250,000 per account owner. A joint savings account with two owners is insured up to $500,000 total — $250,000 per owner. If three people own the account, the coverage is $750,000.

What Bank of America accounts are not FDIC insured

Bank of America's investment and brokerage services are not FDIC insured. This includes stocks, bonds, mutual funds, exchange-traded funds (ETFs), and options. If you buy these products through Bank of America Investments or Merrill Edge (Bank of America's brokerage platform), the FDIC does not cover them if the bank fails.

Brokerage accounts at Bank of America are instead protected by the Securities Investor Protection Corporation (SIPC), which covers up to $500,000 per customer per brokerage firm — but only for losses due to the firm's failure, not for investment losses. Safe deposit boxes and their contents are also not FDIC insured.

Cryptocurrency held at Bank of America is not FDIC insured. Bank of America does not currently offer cryptocurrency accounts, but if you hold crypto elsewhere, it is not covered by the FDIC regardless of where you store it.

What happens if Bank of America fails

If Bank of America fails, the FDIC takes over and pays depositors directly. You do not file a claim — the FDIC identifies all accounts at the bank, calculates what each depositor is owed up to the $250,000 limit per category, and deposits that money into a new account at another bank or sends a check. This process typically takes a few days to a few weeks.

During a bank failure, your debit card and online access may stop working immediately, but your FDIC-insured funds are protected. You will not lose money that falls within the coverage limits. Money above $250,000 in a single account category is at risk and may not be recovered.

How to verify your coverage at Bank of America

The FDIC provides an online tool called the FDIC Coverage Calculator where you can enter your Bank of America account details and see exactly how much is covered. You can access it at fdic.gov/resources/deposit-insurance/. The calculator asks you to enter the account type, ownership category (single, joint, retirement, etc.), and balance, then shows your coverage amount.

You can also call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) to ask about your specific account setup. Bank of America customer service can also tell you whether a specific account is FDIC insured, though they cannot calculate coverage for complex account structures — the FDIC tool is more reliable for that.

Strategies if you have more than $250,000 to deposit

If you have savings above $250,000, you have several options to keep all of it FDIC insured. Open accounts at different banks — $250,000 at Bank of America, $250,000 at Wells Fargo, and so on. Each bank's FDIC coverage is separate, so you can cover any amount by spreading deposits across institutions.

Use different account categories at the same bank. A single savings account, a joint savings account, and a retirement account (IRA) at Bank of America are each covered up to $250,000, giving you $750,000 in total coverage at one bank. If you have a spouse, a joint account adds another $250,000 per owner.

Consider high-yield savings accounts or money market accounts at online banks, which often offer higher interest rates than Bank of America and are equally FDIC insured. Ally Bank, Marcus by Goldman Sachs, and American Express Personal Savings all offer FDIC insurance on deposits.

Frequently Asked Questions

Does FDIC insurance cover my Bank of America debit card balance?

Yes. Money in your Bank of America checking or savings account is FDIC insured regardless of whether you access it with a debit card, online, or in person. The debit card is just a tool to reach the account — the insurance covers the account itself, not the card.

If I have $300,000 in a Bank of America savings account, how much is covered?

The FDIC covers $250,000. The remaining $50,000 is not insured. To protect the full $300,000, you would need to move $50,000 to a savings account at a different bank, or move $50,000 into a different account category at Bank of America (such as a money market account or IRA).

Are Bank of America CDs FDIC insured?

Yes. Certificates of deposit at Bank of America are FDIC insured up to $250,000 per depositor per bank. Each CD is treated as a separate account for coverage purposes if held in different names or categories, but multiple CDs in the same name and category combine toward the $250,000 limit.

What if I have a joint account with my spouse at Bank of America?

A joint account receives $250,000 in FDIC coverage per account owner. If you and your spouse own a joint savings account, the FDIC covers up to $500,000 total — $250,000 per spouse. This is separate from any individual accounts either of you holds at Bank of America.

Is my Bank of America retirement account FDIC insured?

Yes. Bank of America IRAs, SEP-IRAs, and SIMPLE IRAs are FDIC insured up to $250,000 per depositor. Retirement accounts are a separate coverage category from single accounts, so a $250,000 IRA and a $250,000 savings account at Bank of America are both fully covered.