NCUA Share Insurance
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At Safe 1, you have peace of mind in knowing your deposit accounts are insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
Maximizing your Insurance Coverage
NCUA insures deposits up to $250,000 per account, but did you know you can increase the coverage by setting up your accounts within different ownership categories? Below is an example how a small family can increase coverage up to $2.5 million:
The following example shows how a family of four (Mother Jane, Father Tom, and two children Bobby and Charlotte) can maximize share insurance coverage.
| ACCOUNT TITLE | AMOUNT OF COVERAGE |
|---|---|
| Single Account of Jane | $250,000 |
| Single Account of Tom | $250,000 |
| Joint Account of Jane and Tom | $500,000 |
| Individual Retirement Account (IRA) for Jane | $250,000 |
| Individual Retirement Account (IRA) for Tom | $250,000 |
| Jane - Pay on Death to Bobby and Charlotte | $500,000 |
| Tom - Pay on Death to Bobby and Charlotte | $500,000 |
| TOTAL | $2,500,000 |
Please know, our staff can assist in structuring your accounts at Safe 1 to ensure deposits are fully insured by the NCUA. Contact us today or visit mycreditunion.gov/share-insurance for more information.