The FDIC runs a free online calculator called the Electronic Deposit Insurance Estimator, or EDIE. It shows how federal deposit insurance rules apply to the accounts a person holds at one bank. This article explains what EDIE does, how its screens work, and where its limits are [1].
What EDIE does and does not cover
EDIE works one bank at a time. You enter a group of accounts, and it shows what is insured and what portion, if any, goes over the limits [1]. It handles personal accounts (single, joint, POD/ITF, living trust and IRA), business accounts and government accounts such as those of school districts, cities, counties and states [1].
On the product side, it covers checking, savings, money market deposit accounts and certificates of deposit [1]. It is not meant for investments that are not deposits. Mutual funds, stocks, bonds, annuities and crypto assets are not FDIC-insured, even when bought through an insured bank [1][3].
The core limits in plain numbers
The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category [7][4]. Single accounts and joint accounts with no beneficiaries are each insured up to $250,000 per owner or co-owner. IRAs and certain other retirement accounts are insured up to $250,000 per owner [4].
Trusts are more involved. Each owner is insured up to $250,000 for each unique eligible beneficiary, subject to specific limits and requirements [4]. A rule change took effect April 1, 2024. For a trust owner with five or more beneficiaries, maximum coverage is $1,250,000 per owner for all trust accounts at the same bank. That includes POD/ITF, formal revocable and irrevocable trusts. Owners can name as many beneficiaries as they like, but coverage will not exceed $1,250,000. The change applies to existing and new trust accounts, including CDs [1].
Two more points matter. Deposits at different banks are insured separately [2]. Separate branches of the same insured bank are not separately insured [4].
Walking through a report
The steps are short. First, enter the bank name. It stays set for the session until you click CREATE A NEW REPORT [2]. Second, label each account as personal, business or government [2][3]. Third, pick the ownership type and enter details such as balance and deposit type [2][3]. The balance means principal plus interest for that account [6].
Trust entries ask for more. The fields include trustee, grantor, whether the grantor is living, trust EIN, owner and beneficiary type. For a charity or non-profit beneficiary, EDIE asks whether the IRS recognizes it [2].
The help pages describe the ownership choices this way:
- POD/ITF: the account names beneficiaries and is not part of a formal trust [3].
- Formal Revocable Trust: the account is held in a family or living trust, or names the owner's revocable trust as beneficiary [3].
- Irrevocable Trust: the account is held in an irrevocable trust [3].
- IRA: any individual retirement account, including traditional, Roth and Simple [3].
When every account at that bank is in, check the entries and click Calculate. If you edit or delete an account, calculate again [3]. A red X beside a field means a question was skipped or answered wrong. Hovering over it explains the fix [3]. Print Report makes a hard copy for that bank [3].
Limits of the tool and common errors
EDIE has capacity limits. Joint accounts allow up to 10 owners. Trust accounts allow up to 2 owners and 20 beneficiaries. One report holds up to 50 accounts for a single bank [3]. It cannot calculate employee benefit plan accounts or mortgage servicing accounts. For those, the help text points to the FDIC at 1-877-275-3342 [3].
Name spelling is a small detail with real effects. The sources say the same person must appear under the exact same name throughout, because variations are treated as different people and produce incorrect results [2][7].
The results are advisory only. Actual claims are governed by the bank's records and applicable federal statutes and regulations [7]. Not every institution is insured either. The FDIC insures most, but not all, banks and savings associations [4]. The FDIC's Bank Find, EDIE's Bank Locator, or 1-877-ASK-FDIC can confirm status [3][4].
Privacy and background
EDIE does not request personally identifiable information. It does not store what you enter, and the data is deleted when you exit [2]. The FDIC is an independent U.S. government agency. Its insurance is backed by the full faith and credit of the U.S. government. According to the FDIC, no depositor has lost an insured penny since 1933 [4].
The sources reviewed here do not spell out every condition for joint accounts or for trust coverage. Readers with complex trust arrangements can consult the FDIC directly for details.
Please seek a professional. This article is general information, not financial, tax or insurance advice. Please seek a licensed financial, tax or insurance professional about your own situation.
