Deposit Insurance
At Neighbors, we work hard to make sure that your nest egg is safe. That’s why we not only insure accounts through the NCUA, we also provide additional coverage to protect our members.
Understanding Federal Deposit Insurance for Credit Unions
Just as the FDIC insures bank deposit accounts, National Credit Union Administration (NCUA) insures credit union accounts for up to $250,000—including your Neighbors deposit accounts. Through premiums paid by Neighbors to the NCUA’s Share Deposit Insurance Fund, all Neighbors members automatically receive up to $250,000 coverage per account holder, per account type, for each of your Neighbors deposit accounts.
Whether you’re an individual, business owner, or government entity, rest assured that your accounts are protected.
Types of Accounts Covered
Deposit insurance is designed to protect designated deposit accounts. Accounts covered include:
- Savings Accounts
- Checking Accounts
- Money Market Accounts
- Certificates of Deposit
- Individual Retirement Accounts
Additional Coverage Provided by Neighbors
As your savings grow, we understand that a coverage of $250,000 per type of account may not fully protect your cash assets. That’s why we subscribe to additional coverages—at no cost to you.
Through Excess Share Insurance for Credit Unions, Neighbors Credit Union insures members for an additional $250,000 per account holder in coverage—beyond the NCUA’s share deposit insurance protection. With this combination of federal and private insurance, your Neighbors deposit and individual retirement accounts are protected for up to $500,000 per account holder, doubling your coverage over many other financial institutions.
Trust Neighbors to Safeguard Your Nest Egg
At Neighbors Credit Union, we want to help our members reach their financial goals. Whether you are just starting out on your financial journey, or have been building your cash reserve or retirement savings for years, know that your Neighbors accounts are protected.
Want to learn more about deposit insurance or how you can maximize your protections? Reach out to a team member today!