Deposit Insurance

Your deposits with HarborOne Bank are insured and backed by the financial stability of an institution that has been around for over 100 years.

All deposits at HarborOne Bank are insured through the Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor.

Learn more about FDIC Insurance:

What is FDIC Insurance?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC insured funds.

Which accounts does FDIC insurance cover?
FDIC insurance cover funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). Coverage is automatically applied to all accounts; depositors do not need to apply for these insurances.

What is not covered by deposit insurance?
FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.

For additional information on FDIC insurance:

Effective February 24, 2023, HarborOne Bank exited the Depositors Insurance Fund (DIF)

Read below to learn more about this and what it means for you.

What is DIF?
DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at its member banks, all of which are based in Massachusetts. DIF has been insuring deposits since 1934. All DIF member banks are also members of the FDIC. Each depositor is insured by the FDIC up to at least $250,000, all deposits above the FDIC insurance amount are covered by DIF for member banks.

Why is HarborOne Bank exiting DIF?
HarborOne Bank’s substantial deposit growth has caused the Bank to reach and exceed the maximum deposit level allowed by DIF for member banks. This is the result of sustained growth, thanks to the trust that our customers have placed in us.

When will the DIF coverage on my account(s) end?

  • HarborOne Bank will officially exited the DIF at 5 p.m. local time on February 24, 2023. Accounts opened after this date and time are not be covered by DIF insurance.
  • All money in checking, savings and money market accounts at HarborOne Bank as of 5 p.m. local time on February 24, 2023 will remain covered by DIF insurance for one full year, until February 24, 2024 (the “grace period”). If additional funds are added to existing checking, savings or money market accounts during the grace period, they will not be insured by DIF.
  • Certificates of Deposit (CDs) opened on or before 5 p.m. local time on February 24, 2023 will continue to be insured by DIF until maturity.

Which accounts does DIF cover?
DIF insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). For customers of member banks, coverage is automatically applied to all accounts; depositors do not need to apply for the insurance.

Does this mean my deposits with HarborOne Bank are no longer insured?
Deposits held with HarborOne Bank in a checking, savings, money market account or CD will continue to be covered by the FDIC up to $250,000 per depositor, for each ownership category.

I have deposits that exceed $250,000 with HarborOne Bank. Is there anything I can do to obtain insurance coverage for them?
There may be options available to restructure your deposits into different ownership groups (such as joint, individual or retirement) to qualify for additional insurance. If you have any questions, please call 508-247-2100 (Monday through Friday from 9:00 a.m. to 5:00 p.m.) or visit a HarborOne Bank Banking Center to discuss how to maximize your FDIC insurance coverage.

Should I be concerned about the financial strength and stability of the Bank?
No. In fact, it is because of our financial strength that we were required to exit DIF. All Massachusetts banks that have reached the same asset threshold as HarborOne Bank are not DIF insured. Further, HarborOne Bank has been around since 1917, and our commitment to our mission of serving our customers and communities has remained the same since then.

HarborOne Bank has also received the “Superior” 5-star rating from Bauer Financial. Bauer rates and recommends financial institutions based on their financial data and performance. For more information, visit the Bauer Financial website.

Does this change anything else about my relationship with HarborOne Bank?
No. Nothing else will change as a result of this.