Ensure the safety of every penny with 100% deposit insurance.
BankFive is an FDIC and DIF member bank, meaning you have 100% insurance on your deposits, even beyond the conventional FDIC limits of $250,000. The Depositors Insurance Fund (DIF) is a Massachusetts-based fund, strictly for Massachusetts savings banks, but your BankFive accounts are covered even if you live outside of Massachusetts.
Here's how the DIF works for your finances:
- 100% Deposit Insurance: The DIF insures all deposits above the FDIC limit in Massachusetts savings banks. This includes both personal deposit accounts and business deposit accounts. Because our Warwick, RI, location is an extension of our Massachusetts-based bank, deposits made there also are covered 100%.
- Covers Every Penny Above FDIC Limits: There is no dollar limit to the DIF's coverage above the FDIC limit of $250,000.
- No Residency Requirements: Whether you're away at school, traveling, or simply living over state lines, there's no need to worry. Even though the DIF is a Massachusetts-based company, you need not be a Massachusetts resident to take advantage of DIF insurance. You simply must bank with a DIF member bank like BankFive.
- All Deposit Types Are Covered: All types and classes of deposit accounts are covered by DIF insurance, including savings and checking accounts, certificates of deposit (CDs), and money market deposit accounts.
- Automatic Coverage: There are no forms or applications required. You automatically receive DIF coverage the minute you make any deposit.
- Protection You Can Trust: No depositor has ever lost a cent in a DIF member bank!
Read more about FDIC and DIF coverage.
