Accounts with High FDIC Insurance Coverage

The Financial Deposit Insurance Corporation, or the FDIC, is a government agency that offers federal deposit insurance for deposit accounts, such as checking, savings and certificates of deposit. The National Credit Union Administration (NCUA) does the same thing for deposit accounts opened at credit unions, also offering at least $250,000 in coverage.

If you open a deposit account at a federally insured institution, your account funds are insured automatically at no cost — but only up to a certain amount. If you are looking for a million dollar bank account with more than $250,000 in deposit insurance, you have options.

7 top accounts with high FDIC insurance

These accounts offer more than the typical $250,000 deposit insurance amount — providing protection of $1 million or more.

• SoFi terms and conditions

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  
  We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
  
  Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  
  Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

What does FDIC insurance actually cover?

The FDIC offers deposit insurance up to the standard amount of at least $250,000 per depositor, per FDIC-insured bank, per ownership category. FDIC insurance doesn’t cost anything, since it’s automatically included when you open an account at an FDIC-insured institution.

If you are the sole owner of a deposit account, like a checking or savings account, your money in that account is protected up to at least $250,000. This simply means that if your bank fails, the FDIC will ensure you receive up to $250,000 of the funds in any FDIC-insured accounts.

But what if you have more than $250,000 in a single account? You can either spread funds across multiple accounts with different banks or open an account with FDIC insurance exceeding $250,000.

How can banks offer more than $250,000 in FDIC insurance?

Banks and fintechs can provide higher FDIC insurance coverage through a deposit sweep program.

In a nutshell, if the bank or fintech is partnered with multiple banks and offers a deposit sweep program, it disperses your deposits across multiple banks to offer higher deposit insurance coverage.

What accounts offer higher insurance coverage?

Cash management accounts (CMAs) often offer more than $250,000 in FDIC coverage. This is because most CMAs are connected to brokerage accounts and have additional wealth management services, and those customers tend to have high balances.

Business accounts and online banks like SoFi® are also more likely to offer higher-than-typical insurance protection than everyday personal accounts issued by traditional institutions.

Does a joint account have $500,000 FDIC insurance?

Yes, joint accounts with two owners are protected by up to $500,000 in deposit insurance. Each account holder receives up to $250,000 in coverage.

FDIC insurance is $250,000 per depositor, per FDIC-insured bank, per ownership category.

Bottom line

Legitimate banks and credit unions offer deposit insurance. If you’re unsure an account offers deposit insurance, simply look for the phrase “FDIC insured” or “FDIC-insured bank” when comparing accounts. If you’re comparing credit unions, look for “NCUA insured.”

Accounts with high FDIC insurance are best suited for those with very large balances at risk of having some funds not covered under typical insurance amounts.

If you don’t have more than $250,000 in a single account or you already have multiple bank accounts and your funds are dispersed, an account with high FDIC coverage might not be necessary for you. In that case, compare more checking accounts or the best high-yield savings accounts.

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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