The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States Government. The FDIC protects depositors (people like you who put money into a bank) against the loss of their insured deposits if an FDIC insured bank fails. FDIC insurance is backed by the full faith and credit of the United States Government.
FDIC insurance covers all types of deposits received at the bank. This includes deposits in checking and savings accounts, money market deposit accounts and time deposits such as Certificate Of Deposit (CD). Acording to the FDIC:
"The standard insurance amount currently is $250,000 per depositor. The $250,000 limit is permanent for certain retirement accounts (includes IRAs) and is temporary for all other deposit accounts throught December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all deposit accounts except certain retirement accounts, which will remain at $250,000 per depositor."
If you want to know more you can read about FDIC insurance coverage online at: www.fdic.gov. If you would like to calculate your insurance coverage, you can use the FDIC's online Electronic Deposit Insurance Estimator at http://www.myfdicinsurance.gov. Whatever bank you use make sure your bank is FDIC-insured. You can check this out yourself by going to: http://www2.fdic.gov/idasp/main_bankfind.asp or calling toll-free 1-877-ASK-FDIC.