How much do the FDICs SAIF and the NCUA insure?
The SAIF protects up to $250,000 for each savings and loan depositor. Share and deposit accounts in federally insured credit unions are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC’s SAIF. It should be emphasized that SAIF and NCUA insurance protect each legally defined depositor in an institution up to $250,000, not each account. Through the use of individual, joint tenancy and testamentary revocable trust accounts, it is possible for a family to increase insurance coverage well beyond $250,000. However, the consumer should exercise great care in establishing such accounts to ensure that the family’s funds are fully insured.
