Your FDIC coverage MAXIMIZED
Separate FDIC Insurance for different ownership categories maximizes your coverage.
Here is an example of how you can enhance your FDIC protection with Synchrony Bank
Meet Phil and Phyllis, their 21-year-old son, Phil, Jr. and 18-year-old daughter, Philomena. See this illustrative example of how a family can structure their accounts to maximize their FDIC protection.
|Account Ownership||Account Type||Account Owners||Beneficiary||FDIC Insured Amount|
|Single||High Yield Savings Account||Phil||n/a||Up to $250,000|
|Single||12-month Certificate of Deposit||Phyllis||n/a||Up to $250,000|
|Single||18-month Certificate of Deposit||Phil Jr.||n/a||Up to $250,000|
|Single||High Yield Savings Account||Philomena||n/a||Up to $250,000|
|Joint||Money Market Account||Phill & Phyllis||n/a||Up to $500,000|
|Qualifying Retirement Account||Traditional IRA||Phil||n/a||Up to $250,000|
|Qualifying Retirement Account||Roth IRA||Phyllis||n/a||Up to $250,000|
|Trust Account||Revocable Trust||Phil||Phil Jr. & Philomena||Up to $500,000|
|Total FDIC Coverage||Up to $2,500,000|
There are a variety of additional scenarios that you may wish to explore when it comes to protecting your money. The FDIC has a handy tool – EDIE The Estimator – accessible at www.fdic.gov/edie that can help get you started.