Does FDIC insurance cover the earnings on a bank CD or just the principal amount if the earnings compound? If not, should you elect to get the earnings in cash and put it into another bank account to get FDIC coverage? – Jim, Ballwin, MO

Should your bank fail, both the unpaid accrued earnings and the principal on a certificate of deposit (CD) should be covered by the Federal Deposit Insurance Corporation's (FDIC) insurance program – provided the CD is held at an FDIC-insured bank and you haven't exceeded the insurance limits. The limits are complicated, but basically you can get up to $250,000 in coverage per bank, per depositor (that's you), per certain account types.

You can fiddle with coverage scenarios using the FDIC's handy estimator, but just to be sure, call your bank to confirm you're protected. Likewise, if you purchased CDs through a broker – as opposed to directly from a bank – make sure you know which FDIC-insured bank has your money and that you meet the coverage requirements, says James Deveney, chief of the deposit insurance section at the FDIC.

If you exceed the coverage limits, consider moving some money to another bank. Just watch out for early withdrawal penalties.

-- Stephanie AuWerter

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