The FDIC has raised their insurance limits on deposit accounts from $100,000 to $250,000. This means joint accounts can now be covered up to $500,000 in the event of a bank failure.

This should help build some confidence in our nation’s banks and possibly encourage people to save some money.  Here’s the breakdown from FDIC.gov:

Single Accounts (owned by one person): $250,000 per owner

Joint Accounts (two or more persons): $250,000 per co-owner

IRAs and certain other retirement accounts: $250,000 per owner

Trust Accounts: $250,000 per owner per beneficiary subject to specific limitations and requirements

Corporation, Partnership and Unincorporated Association Accounts: $250,000 per corporation, partnership or unincorporated association

Employee Benefit Plan Accounts: $250,000 for the non-contingent, ascertainable interest of each participant

Government Accounts: $250,000 per official custodian