- Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts.
- Deposit insurance for savings accounts covers $250,000 per depositor, per institution, and per account ownership category.
By Amy Foontinelle
Reviewed by Khadija Khartit | Fact checked by Suzanne Kvilhaug
Updated April 20, 2022