EDIT: According to the link shared by mortenjorck this is incorrect. A banker explained this to me a while ago, and I just took their word for it. I might have to call my mom now. I'll leave this up so that anyone else with the same misconception will know its wrong

It's actually per bank, per type of account. So $250k in savings accounts, $250k in checking, $250 in Money Market, etc.

This is incorrect according to the FDIC’s website:

> All single accounts owned by the same person at the same bank are added together and insured up to $250,000

Revocable trusts, joint accounts, and other types of accounts with multiple custodians are covered separately, but checking, savings, and so on are not.

https://www.fdic.gov/deposit/covered/categories.html

> It's actually per bank, per type of account. So $250k in savings accounts, $250k in checking, $250 in Money Market, etc.

It's not per type of account, it's per ownership category. Ownership categories are:

(1) Single accounts

(2) Certain self-directed retirement accounts

(3) Joint accounts

(4) Revocable trust accounts

(5) Irrevocable trust accounts

(6) Employee benefit (non-self-directed) plan accounts

(7) Corporation, partnership, or unicorporated association account

(8) Government accounts

https://www.fdic.gov/deposit/covered/categories.html

With a little bit of work, you can probably spread your money into a few of those categories without much problem and have more than $250k coverage, but it's not as easy as just having checking and savings.

Interactive Brokers introduced a Bank Deposit Sweep Program this year. They distribute cash over 10 banks to provide up to $2.5mio FDIC insurance.

Same with Fidelity's free CMA account.

The limit is actually per each ownership category:

https://www.fdic.gov/deposit/covered/categories.html

Per bank per beneficiary with John Smith POD Jane Smith account being considered different beneficiary than John Smith account.