I have money in CDs at my credit union and would like to add some more -- the rates there are slightly higher than they are at the banks I’ve considered. Are credit unions covered by the FDIC in case anything happens?
Deposits in most credit unions are covered by the National Credit Union Share Insurance Fund (NCUSIF), rather than by the FDIC. The coverage is similar, and the limits are the same as for the FDIC: The fund covers up to $250,000 for all of your individual accounts combined at each credit union, up to $250,000 for each person’s share of their joint accounts at each credit union, and up to $250,000 for all of their retirement accounts, such as IRAs, per credit union.
These limits are separate for each credit union, similar to FDIC coverage. If you have individual accounts at two credit unions, for example, then you have $250,000 in NCUSIF coverage for each account. If your balance in one account is higher than the limits, then you can add protection by moving some money to another credit union or bank, where you will have a separate set of coverage limits.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Both the NCUSIF and FDIC cover deposit accounts, such as savings accounts, checking accounts, money-market accounts and CDs. They do not insure money invested in stocks, bonds or mutual funds.
The NCUSIF is administered by the National Credit Union Administration, which is an independent federal government agency that charters and supervises federal credit unions and most state-chartered credit unions. To see if your credit union is covered by the NCUSIF, use to the Credit Union Locator and the Research a Credit Union tool.
For more information about protection for credit union deposits, see MyCreditUnion.gov and the NCUA Share Insurance Fund information page. You can calculate how much coverage you have at the Electronic Share Insurance Calculator. To check on FDIC limits for bank deposits, see the FDIC’s deposit insurance consumer pages.
-
Quiz: How Much Do You Know About Taxes on Social Security Benefits?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
Are You Ready for 65? The Medicare Initial Enrollment Period QuizQuiz Turning 65 soon? Test your basic knowledge of Medicare's Initial Enrollment Period (IEP) rules in our quick quiz.
-
3 Ways to Stretch the 2026 Social Security COLA For Your BudgetThree steps retirees can take to stretch the Social Security COLA to fit their budgets.
-
Best One-Year CD RatesSavings The best 1-year CD rates are a smart way to achieve short-term savings goals.
-
What Is a High-Yield Savings Account?A high-yield savings account is essentially the same as a traditional account with one key difference — it pays a higher-than-average APY on deposits.
-
Trusting Fintech: Four Critical Moves to Protect YourselfA few relatively easy steps can help you safeguard your money when using bank and budgeting apps and other financial technology.
-
Four Steps to Prepare Your Finances for DivorceDivorce is rarely easy, but getting financial paperwork in order, working with professionals and making tough decisions now can take some of the stress out of it.
-
How to Open a Savings Account OnlineYou may be wondering how to open a savings account online. The process is usually simple and straightforward — with just a few steps you’ll be able to start saving your hard-earned cash.
-
10 Easily Fixable, But Often Overlooked, Financial Planning Itemspersonal finance It’s easy to let important financial tasks slip your mind, so take a minute to check this list for any to-do items you may have forgotten. It could make a big difference in your bottom line.
-
How to Keep Your Savings Safesavings If you want to keep your savings safe but they exceed FDIC and NCUA limits, it's time to open multiple accounts, preferably ones with high yields.
-
Money Market Account or Money Market Fund? How to Choosemoney market accounts Whether you choose a money market account or money market fund largely depends on the money's purpose.
