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The Federal Deposit Insurance Corporation (FDIC), which provides insurance to bank and saving accounts, has raised the amount insured on certain retirement accounts such as Regular IRAs and Roth IRAs to $250,000 from $100,000. Regular saving and checking accounts, however, still are only insured up to $100,000.
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"The increase in deposit insurance coverage on certain retirement accounts is a significant change," said Martin J. Gruenberg, Acting Chairman of the FDIC. "The FDIC is committed to helping depositors understand clearly the change that has been made and how it will affect the deposit insurance coverage for which they are eligible."
The FDIC will consider an increase in the insurance limits on all deposit accounts such as saving and checking in the future, but only every five years. The first review on increasing the insurance amount is set to take place in 2011. Any such increase would be based, in part, on inflation.
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"The increase in deposit insurance coverage on certain retirement accounts is a significant change," said Martin J. Gruenberg, Acting Chairman of the FDIC. "The FDIC is committed to helping depositors understand clearly the change that has been made and how it will affect the deposit insurance coverage for which they are eligible."
The FDIC will consider an increase in the insurance limits on all deposit accounts such as saving and checking in the future, but only every five years. The first review on increasing the insurance amount is set to take place in 2011. Any such increase would be based, in part, on inflation.