Are online savings accounts FDIC insured?

All deposits at Needham Bank are insured in full through the combined coverage provided by the Federal Deposit Insurance Fund (FDIC) and the Depositors Insurance Fund (DIF). Deposits are covered by the FDIC up to $250,000 per depositor, while amounts over $250,000 are covered by the Depositors Insurance Fund.

DIF is an added benefit we provide to all customers at no cost on all of their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.