Guides / Where to keep it
Is your money safe? FDIC and NCUA insurance
How deposit insurance protects your savings.
Your emergency fund should be in an account where it can't lose value. Deposit insurance is what makes savings accounts safe.
The basics
- FDIC insurance covers deposits at insured banks; NCUA insurance covers deposits at federally insured credit unions
- Standard coverage is $250,000 per depositor, per insured institution, per ownership category
- It covers savings, checking, money market deposit accounts and CDs
- It doesn't cover investments like stocks, bonds or crypto, even if you buy them through a bank
Check it
Use the FDIC's BankFind tool or the NCUA's Credit Union Locator to confirm an institution is insured. Some apps and fintech companies aren't banks themselves; check which bank actually holds your money.
General educational information, not financial advice. Penny Vaults isn't paid by any bank or lender.