Maximize Your FDIC Insurance - Deposit Insurance | Ally Bank (original) (raw)

The FDIC, an independent federal agency, protects the money you deposit in checking, savings, money market, CD, and retirement accounts at insured banks like Ally Bank. FDIC insurance is backed by the U.S. government—according to the FDIC, no depositor has lost a penny of insured funds since the agency’s founding in 1933.

FDIC coverage starts automatically as soon as you open your account. But keep in mind: if you choose to create a payable-on-death account, we’ll need some identifying information about your beneficiaries—like an address, birthdate, and government-issued ID number—to comply with the FDIC’s recordkeeping rules.