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FDIC Insurance

At Synchrony Bank, all our accounts bring you the peace of mind that comes with the protection of FDIC insurance – up to $250,000 per depositor, per insured bank, for each ownership category

Your FDIC coverage MAXIMIZED

Separate FDIC Insurance for different ownership categories maximizes your coverage.

  • Single Accounts: A single account is owned by one person, and all of that person's single accounts at a bank will be added together and insured up to $250,000.
  • Joint Owners: A joint account is owned and accessible by two or more people, and each person’s share of their jointly owned accounts are added together and insured up to $250,000 per joint owner.
  • Retirement Accounts: Traditional and Roth Individual Retirement Accounts (IRAs) are owned by one person but insured separately from single accounts, and all of that person's retirement accounts at a bank will be added together and insured up to $250,000.
  • Trust Accounts: Trust Accounts are generally insured based on the number of qualifying beneficiaries, and all of the trust’s accounts at a bank will be added together and insured up to $250,000 for each qualifying beneficiary.

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

Phillys

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

Phillys

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

Additional tools

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.