How to insure up to $2.5 million
New rules let you secure more savings*
[February 3, 2009]
When lawmakers last year increased the amount of savings you could insure on a single account to $250,000, they also expanded the aggregate amount that a family could federally insure using a combination of STCU joint accounts, revocable trusts, and Individual Retirement Accounts.
Now a family of four can save up to $2.5 million at STCU -- fully insured by the National Credit Union Administration, an arm of the federal government. NCUA provides the same type of coverage used by bankers' Federal Deposit Insurance Corp.
STCU savings, checking, money market, certificates, and IRAs are insured by the NCUA. By carefully structuring your savings under a combination of accounts, you can insure savings for you, your spouse, and your children. As an example, here's how a family of four could insure $2.5 million at STCU:
| Type of STCU account | Insured to this amount |
|---|---|
| Account in your name | $250,000 |
| Separate account in spouse' name | $250,000 |
| Joint account shared by husband and wife | $500,000 |
| IRA in your name | $250,000 |
| IRA in spouse' name | $250,000 |
Revocable trust in your name(payable to your two children upon death) |
$500,000 |
Revcable trust in your name(payable to your two children upon death) |
$500,000 |
| Total NCUA insurance coverage | $2.5 million |
Most STCU accounts enjoy NCUA insurance protection, including your STCU savings accounts, share draft (checking) accounts, money market accounts, and share certificates. However, stocks, bonds, mutual funds, annuities, or insurance products purchased from any of our partners are not federally insured.
Help with savings insurance
To learn more about properly structuring your savings to maximize federal insurance protection, contact an STCU member service representative:
- Call (509) 326-1954 or (208) 619-4000.
- Chat online during regular business hours.
- Visit any STCU branch location.
Keely Barrett
Media and Community Relations Manager
Media spokesperson
(509) 344-2231
keelyb@stcu.org
 Equal Opportunity Lender |
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