Deposit products are the types of accounts you can open at a bank, such as:
- Checking accounts
- Savings accounts
- Money Market Deposit Accounts (MMDAs)
- Certificates of Deposit (CDs)
These products are FDIC-insured when held at an FDIC-insured bank.
Ownership categories refer to how your accounts are owned or titled, and they determine how much FDIC insurance coverage you qualify for. Examples include:
- Single accounts (owned by one person)
- Joint accounts (owned by two or more people)
- Revocable trusts (e.g., Payable on Death [POD] or In Trust For [ITF] accounts)
Each ownership category is insured separately, which may allow you to qualify for more than $250,000 in total coverage.