Local banks are safe banking options as long as they're federally insured. Banks are insured by the FDIC, and credit unions are insured by the NCUA. This means that if a bank or credit union fails, money that was deposited into your account will be safe.  The FDIC and NCUA secure up to $250,000 in individual accounts and $500,000 in joint accounts. A bank or credit union will have a logo at its branch or on the website if it is federally insured.