All federal credit unions have federal deposit insurance (called "share insurance") through the National Credit Union Share Insurance Fund of at least $250,000 per member and up to $1,250,000.00 under certain conditions.  This federal deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration.  

A husband and wife should maximize their Federal insurance at their credit union by utilizing individual and joint accounts.

In this example, all of the funds held in the joint and individual accounts as well as the Traditional IRA, Roth IRA and Keogh accounts would be insured, totaling $1,250,000.

You can use the NCUA Estimator to help you understand your share insurance protection. Similar to the FDIC, the National Credit Union Administration (NCUA) is an independent agency of the United States Government. NCUA regulates, charters, and insures the nation's federal credit unions. In addition, NCUA insures state-chartered credit unions that desire and qualify for federal insurance. In some states, state-chartered credit unions are required by state law to be federally insured.  As of December 2006, the National Credit Union Share Insurance Fund had a higher insurance fund capital ratio than the FDIC Bank Insurance Fund.   As of the end of 2007, the National Credit Union Share Insurance Fund insured more than $560 billion in deposits at 8,101 not-for-profit cooperative US credit unions.  For comparison, the Federal Deposit Insurance Corporation insured more than $4,000 billion in deposits at 8,560 banks and thrift institutions.

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