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FDIC Insurance Coverage
Ridgewood Savings Bank is FDIC-insured
How your FDIC insurance coverage works
As a Federal Deposit Insurance Corporation (FDIC) insured institution, deposits at Ridgewood Savings Bank receive FDIC coverage of up to $250,000 per depositor, for each account ownership category. FDIC insurance covers all types of Ridgewood Savings Bank deposit accounts, including personal and business checking accounts, Certificates of Deposit, savings accounts and money market accounts.
However, a depositor at an FDIC-insured bank, such as Ridgewood Savings Bank, can maintain more than $250,000 in deposits and still be fully insured, provided the accounts meet certain requirements. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured bank.
Use the FDIC's helpful Electronic Deposit Insurance Estimator tool to calculate your FDIC coverage on your accounts.
Basic FDIC Deposit Insurance Coverage Limits
| 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 |
| Revocable Trust Account | $250,000 per owner per beneficiary subject to specific limitations and requirements |
| Irrevocable Trust Account | $250,000 per trust |
| 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 |