Federal Deposit Insurance Corporation (FDIC) insurance was created in 1933 to provide deposit insurance for checking and saving deposits of member banks. It guarantees the amount you have on deposit, up to $100,000, at an insured bank. For bank deposits held in IRAs, the maximum cover goes up to $250,000. 

FDIC insurance does not cover stocks, bonds, mutual funds, life insurance policies, annuities, U.S. Treasury bills, bonds or notes and similar type investments. For more information, visit FDIC.gov.