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. Because our Bristol, 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!
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