You decide to open a savings account and you notice a sign in your bank that indicates deposits are FDIC insured. What protection does that give you?

FDIC insurance protects depositors by guaranteeing that their funds are safe up to $250,000 per depositor, per insured bank, in the event that the bank fails. This means that even if the bank goes bankrupt, your deposits will be reimbursed by the Federal Deposit Insurance Corporation (FDIC) up to the insured limit. This insurance provides peace of mind, knowing your savings are secure.