How to insure your money if you have over $250,000

In the wake of the Silicon Valley Bank failure, the message from credit unions everywhere was that their members’ money was safe with them. The reason they can say this with such confidence is thanks to the National Credit Union Association, an independent federal agency that automatically insures deposits at all federally insured credit unions. This insurance will protect up to $250,000 of your money in most accounts.

For most people, this means they will never have to worry about losing the money in their credit union accounts. If you have over $250,000 in your account, though, you might not be feeling as secure. However, there are two pieces of good news: you’re doing very well financially, and there are steps you can take to make sure all your money is insured by the NCUA

How to insure money over $250,000 in your bank account

Open a Joint Account

If you’re in a long-term relationship, you should consider opening a joint savings account with your partner. Since joint accounts are a different ownership category than single accounts, the NCUA will insure the money you have in them in addition to the funds in your single account.


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