Credit Unions are covered by NCUA insurance. The amount of coverage depends on how the funds are held. If they are held in retirement accounts, Keogh and Roth IRAs are covered to $250,000 per account. It also depends on the ownership categories. Individual and joint accounts are covered to $100,000. You can get additional coverage for accounts that are held in a trust.
Basically an individual could actually have up to $600,000 in NCUA covered accounts. A married couple could have over a million in covered accounts and a family could have nearly 2 mil covered by NCUA insurance.
According to the NCUA not one penny of insured savings has ever been lost by a member of a federally insured credit union. I’m going with the credit union over the mattress.
