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National Credit Union Share Insurance Fund (NCUSIF)

The National Credit Union Share Insurance Fund serves an important role. Find out more at

What is the National Credit Union Share Insurance Fund?

The National Credit Union Share Insurance Fund is a federal fund created by Congress in 1970 to insure deposits in member credit unions. Administered by the National Credit Union Administration, the NCUSIF insures deposits up to $250,000 for every individual depositor.

Deeper definition

Like the Federal Deposit Insurance Corp., or FDIC, the NCUSIF is backed by the U.S. government. Federally insured credit unions account for 98 percent of all credit unions in the United States. No federally insured credit union has ever lost any insured savings.

NCUSIF insurance is very similar to FDIC insurance. It makes saving money in a credit union safer than keeping it at home.

NCUSIF coverage extends to deposits made in accounts that are held and managed by the credit union, often referred to as “share accounts.” These accounts include everyday checking and savings accounts, as well as money market accounts and certificates of deposit. NCUSIF insurance is free and included with any deposit account.

Example of National Credit Union Share Insurance Fund

During the 2008 financial crisis, numerous banks and credit unions went belly up. Depositors who put their money in credit unions that were not federally insured risked losing everything they had worked hard to save.

However, if they put their savings in a federally insured credit union account, the NCUSIF coverage would replace up to $250,000 in lost funds per individual depositor.

Use Bankrate’s calculators to set savings goals for retirement and to track your progress.

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