Properly established share accounts in federally insured credit unions are insured up to $250,000.
Generally, if a member has more than one account in the same credit union, all funds are added together and insured up to $250,000.
A member can have additional coverage on multiple accounts, but only if the accounts have different ownership interests or rights in different types of accounts.
Additional coverage is available on revocable trust or payable on death accounts.
On joint accounts, the co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to $250,000.
Traditional and Roth IRAs are insured separately to $250,000 from other accounts that the member maintains in the same credit union.
However, both Traditional and Roth IRAs are added together and insured up to $250,000.
For revocable trust accounts, a member can have coverage up to the SMSIA for each account that has a different beneficiary named to receive the funds.