Safety & Security of Bank Deposits

Since our founding in 1800, Washington Trust has a proven history of operating through various economic cycles. We have successfully helped our customers and community weather challenging times by working with them to give them confidence in knowing their money is safe and secure.

As an insured member of the FDIC, we will help our customers properly and adequately insure their deposits. We review each customer’s individual accounts, relationships, and structure and utilize the FDIC’s Electronic Deposit Insurance Estimator Tool (EDIE) tool to maximize their account protection.

Our deposit accounts, include, but not limited to checking, savings and money market accounts, are insured by the FDIC up to $250,000, per depositor, for each account ownership category. Please see the chart below.

In addition to our FDIC-insured products, we offer several other programs for customers whose deposits exceed FDIC insurance limits, to ensure those customers have adequate insurance on their deposits. Washington Trust is a member of the IntraFi Network (CDARS and ICS), which enables large depositors to maximize their FDIC coverage by placing deposits into other member FDIC-insured financial institutions. We also can offer an automatic FDIC-insured sweep product, Demand Deposit Market (“DDM”), through Reich & Tang.

Please contact your local branch manager or relationship officer for more information about these programs. They can help ensure your deposits are structured to ensure maximum insurance and protection. Or, contact us today.

What is FDIC?

The Federal Deposit Insurance Corporation (FDIC) was created by Congress in 1933 and designed to protect customers bank deposits to cover losses if anything should happen to their bank. The FDIC examines and supervises financial institutions for safety, soundness, and consumer protection and provides automatic insurance coverage for deposits opened at an FDIC-insured financial institution based on different ownership categories including, but not limited to single accounts, joint accounts, IRAs and trust accounts. For more information, visit the FDIC website.

What are FDIC Deposit Insurance Coverage Limits?

Ownership Type
Coverage Limits*
Single Accounts
(owned by one person)
$250,000 per owner
Joint Accounts
(two or more persons)
$250,000 per co-owner
IRA and certain
other retirement accounts
$250,000 per owner
Trust Accounts$250,000 per owner
per beneficiary
subject to specific limitations
and requirements

*These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.