Frequently Asked Questions (FAQs)

Credit union deposits are insured by the NCUA for up to $250,000 per depositor for each account type, which is similar to the FDIC, which insures deposits held at banks for the same amount. That said, there are ways to structure your credit union accounts to increase your NCUA insurance coverage above this amount. You can do this by opening multiple accounts with different types of ownership, such as a single, joint, trust, corporation/partnership and self-directed retirement account (IRA).

Each account type is insured separately, so having multiple accounts with different ownership types can increase the amount of coverage. For example, this chart created by the NCUA shows how a family of three could be insured for up to $2,500,000.