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NCUA Account Insurance

NCUA Account Insurance

Your Apple Funds Are Insured

Credit union members have never lost a penny of insured savings at a federally insured credit union, including Apple.

Just like banks, credit unions are federally insured. However, credit unions are not insured under the Federal Deposit Insurance Corporation (FDIC). They are instead insured under the National Credit Union Administration (NCUA).

The National Credit Union Administration (NCUA) is an independent agency created by the federal government to regulate and protect credit unions and their members. Just like the FDIC, the NCUA insures all credit union members up to $250,000, making them just as safe as traditional banks.

Which types of Apple accounts are covered?

The NCUA insures up to $250,000 in each member's account separately, based on the ownership type of the account. The four most common ownership categories are shown in the chart below.

The NCUA insures all types of deposits a credit union receives. However, the NCUA does NOT insure investment funds. This includes:

  • Stocks
  • Bonds
  • Municipal bonds
  • Securities
Ownership Type Coverage Amount Coverage Explanation
Individual $250,000 The total amount in your qualifying individual accounts combined.
Joint $250,000 per owner The amount for each owner's interest in qualifying joint accounts combined.
Payable on Death (POD) and Revocable Trust Up to $250,000 per each named beneficiary The amount is per beneficiary for each account owner. Special rules apply for accounts with six or more beneficiaries.
Irrevocable Trust and Coverdell ESA Up to $250,000 per each named beneficiary The amount is per beneficiary for each account owner.
Retirement $250,000 per owner The total amount in all your traditional, Roth and SEP IRAs, combined. Beneficiaries do not change the coverage amount.

How can I maximize my coverage under NCUA insurance?

There are ways that you can structure your credit union accounts to maximize your insurance coverage. You can receive separate coverage on multiple accounts if you have different ownership interests or rights in different account types.

To learn how your deposits are insured, use the NCUA's Share Insurance Estimator.

NCUA Insurance Calculator

Examples of NCUA-Insured Funds

Single Account Owner

Example: An account owner currently has $20,000 in Advantage Checking, $15,000 in Second Checking, $50,000 in Regular Savings, and $150,000 in a Jumbo Bonus Certificate. They have a total of $235,000 in deposits.

  • The account owner will receive:
    • $20,000 in coverage for Advantage Checking
    • $15,000 in coverage for Second Checking
    • $50,000 in coverage for Regular Savings
    • $150,000 in coverage for the Jumbo Bonus Certificate
  • Total insurance coverage: $235,000

Joint Account Owner

Example: A married couple has the following balances and accounts: $15,000 in husband's Advantage Checking; $20,000 in wife's FREE A+ Checking; $70,000 in a joint Money Market account; and $15,000 in wife's Bonus Certificate. They have a total of $120,000 deposits.

  • The account owner will receive:
    • $15,000 in coverage for husband’s Advantage Checking
    • $20,000 in coverage for wife’s FREE A+ Checking
    • $70,000 in coverage for the joint Money Market account
    • $15,000 in coverage for the wife’s Bonus Certificate
  • Total insurance coverage: $120,000

Multiple Accounts

Example: A married couple has the following balances and accounts: $20,000 in husband's Advantage Checking; $15,000 in wife's Advantage Checking; $100,000 in joint Regular Savings; $100,000 in husband's IRA; $100,000 in wife’s IRA Certificate. They have a total of $335,000 in deposits.

  • The account owner will receive:
    • $20,000 in coverage for husband’s Advantage Checking
    • $100,000 in coverage for husband’s IRA
    • $15,000 in coverage for wife’s Advantage Checking
    • $100,000 in coverage for wife’s IRA Certificate
    • $100,000 in coverage for joint Regular Savings
  • Total insurance coverage: $335,000

Frequently Asked Questions

No. The Federal Deposit Insurance Corporation (FDIC) is a U.S. government corporation that supplies deposit insurance to depositors in American commercial banks and savings banks. As a federal credit union, Apple members' deposits are federally insured under the National Credit Union Administration (NCUA).

The FDIC's mission is very similar to that of the NCUA. The NCUA regulates credit unions and insures deposits made at credit unions, and the FDIC does the same for banks. The only real difference is the type of financial institution holding the insured deposits (credit union or bank).

The NCUA operates the National Credit Union Share Insurance Fund (NCUSIF) to protect accounts at federally insured credit unions up to $250,000. The $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category.

No. The NCUA covers up to $250,000 for each member of a credit union. If you have more than one account in a credit union, your account's total deposits are calculated and collectively insured up to $250,000. Calculate the amount of your insured funds at Apple with the NCUA's Share Insurance Estimator.

FIRST STEP: Know how your accounts are organized, based on type of ownership.

SECOND STEP: Divide your accounts into four ownership categories:

  1. Individual
  2. Joint
  3. Trust
  4. Retirement

Check the chart above for share insurance coverage examples.

No. Investment products offered by a credit union to its members, such as mutual funds, annuities and other non-deposit investments, are not insured by the NCUSIF.

No. A federal credit union cannot be chartered or retain its charter unless it is insured by the NCUA.

Have questions that weren' t answered here? Read this brochure to learn more about your insured funds under the National Credit Union Administration.