That is why we are a member of the Federal Deposit Insurance Corporation (FDIC)
The FDIC insures your deposits with College Savings Bank through the Bank Insurance Fund. The FDIC is an independent agency of the United States Government formed in 1933 to maintain a sound banking system and to protect the nation's money supply.
Your deposits, including principal and accrued interest, are backed by the full faith and credit of the United States of America to $250,000 per depositor. FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. FDIC insurance is just one of the many ways College Savings Bank upholds its commitment to providing the highest degree of safety of your deposits.
Your Account is Structured for Maximum Insurance Protection.
The basic federal deposit insurance coverage is $250,000 per depositor. However, the way your accounts are structured can provide maximum insurance protection. In fact, a family of four can have as much as $3.5 million in FDIC protection of principal and accrued interest! So you can always be confident about the complete safety of your deposits. If your account comes close to the insurance threshold, you will be contacted by College Savings Bank and assisted in restructuring your account, if desired, so that your deposits are always 100% FDIC insured. No early withdrawal penalties are charged to accomplish such restructuring.
If you would like further information about FDIC insurance or how your account should be structured call one of our College Savings Advisers toll-free at 1-800-888-2723 any Monday through Friday between 9 am and 6 pm Eastern time or call the FDIC for an informative brochure at 1-800-934-3342.