Is Rocket Dollar FDIC insured?

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Rocket Dollar's bank partners, offers FDIC-insured accounts.


FDIC insurance is for basic banking cash deposits, but not investments or securities, except in the case of fraud. 

Our preferred banking partner, which opens your bank accounts, holds FDIC insurance for all their customers' cash and deposits up to the usual $250,000 per depositor.

For an IRA LLC, assets are purchased and held in the name of the IRA LLC. The LLC has a checking account with the bank. All cash held in the checking account or cash returned to the same checking account after a sale of an asset are held in an FDIC-insured bank account. 

For a Solo 401(k), assets that are purchased are held in the name of the Solo 401(k), for which you are the plan trustee. All cash or cash returned after a sale of an asset is held in an FDIC-insured bank account. 


More on FDIC insurance, with info and links reposted from the FDIC website on 3-13-2022. Please visit the FDIC insurance website for the most up-to-date information.

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds' depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. 

FDIC insurance covers all deposit accounts, including:

  • Checking accounts
  • Savings accounts
  • Money market deposit accounts
  • Certificates of deposit

FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities, or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.


What if I were to open multiple bank accounts at the same partner bank? 

The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank. For example, if a person has a certificate of deposit at Bank A and has a certificate of deposit at Bank B, the amounts would each be insured separately up to $250,000. Funds deposited in separate branches of the same insured bank are not separately insured.

The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as "ownership categories." This means that a bank customer with multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.

Ownership Categories

This section describes the following FDIC ownership categories and the requirements a depositor must meet to qualify for insurance coverage above $250,000 at one insured bank.

Single Accounts

A single account is a deposit owned by one person. This ownership category includes:

  • An account held in one person's name only, provided the owner has not designated any beneficiary (ies) who are entitled to receive the funds when the account owner dies
  • An account established for one person by an agent, nominee, guardian, custodian, or conservator, including Uniform Transfers to Minors Act accounts, escrow accounts and brokered deposit accounts
  • An account held in the name of a business that is a sole proprietorship (for example, a "Doing Business As" or DBA account)
  • An account established for or representing a deceased person's funds—commonly known as a decedent's estate account
  • A grantor's retained interest in an irrevocable trust
  • An account that fails to qualify for separate coverage under another ownership category

If an account title identifies only one owner, but another person has the right to withdraw funds from the account (e.g., as Power of Attorney or custodian), the FDIC will insure the account as a single ownership account.

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