Yes. FDIC insurance guarantees that, in the unlikely scenario that your bank collapses, the federal government will make you whole up to $250,000. While not legally required, the majority of U.S. banks are insured, including just about any bank that’s a household name. But it’s worth checking. Visit your bank’s website and look for the FDIC logo or phrases like “Member FDIC” and “FDIC Insured.”
Prefer to stash your savings in a credit union instead? Credit unions aren’t insured by the FDIC, but the National Credit Union Administration. Like FDIC insurance, NCUA insurance guarantees depositors up to $250,000 per institution.