Can you insure your bank account? i.e have all your money recompensated by the insurance company incase of bank failure.
In the US banks are insured by the FDIC. This includes Credit Unions, which are covered by NCUA. You’re guaranteed $250,000 per bank and account. There might be special in house options if you’re really willing to push it, but it’s usually easier to spread the money around to several banks or account types than to pay for some sort of insurance.
Many countries have an insurance or guarantee to protect normal consumer deposits. In most cases, that protection is automatic and required legally in order to operate as a consumer/retail bank.
In the US, the insurance is provided by the FDIC (you can see this on most bank brochures). These provide guarantees in case of bank failures on savings and checking account balances up to a maximum of 250K.
As a regular bank customer, you are not required to do anything to obtain this protection.
This protection does NOT extend to investment or brokerage accounts (unless specified) They may also not apply to foreign currency accounts etc.
I don’t know where you are, but in the UK banks are part of a system that guarantees customers get their money back if the bank fails. There’s a maximum amount, which I think is £80k but I’d need to check. Other countries probably have similar.
Thank you everyone for your replies. Very helpful! I didn’t know any of this. So my countries of interest for this question were Uganda, Hungary and England. England is off since @kirstemis talked about the case for the uk.(thank you). Now just Uganda and Hungary. Im going to look into it for those two now that i know what to look for but if anyone already knows feel free to help tell me.
Most banks are fdic insured, meaning if they fail your money is still promised by the government.