Let’s talk about how you can protect your money, even if the unexpected happens.
In 2023, we saw the unexpected collapse of well-known banks like Silicon Valley Bank and First Republic, reminding us that even big names aren’t always safe. Basic deposit insurance is helpful, but if your savings are over $250,000, it might not be enough.
Here’s what you need to know about deposit insurance and why high-balance savers may want to consider additional coverage.
What is Deposit Insurance?
Deposit insurance is your safety net if a bank or credit union fails. In the U.S., your deposits are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) for banks, or the National Credit Union Administration (NCUA) for credit unions. This means if your bank or credit union closes, up to $250,000 of your savings are safe.
But what if you have more?
How to insure your money when you have more than $250K.
If you have more than $250,000 in savings, you might wonder how to keep all of it safe. That’s where Excess Share Insurance (ESI) comes in. Instead of spreading your money across multiple accounts to stay within the insurance limit, ESI offers an easy way to make sure all your savings are protected — up to $750,000.
This added protection is particularly useful for individuals, families, or businesses who have worked hard to build up substantial savings. Whether it's a combination of retirement accounts, savings accounts, or money earned from years of dedication, having all of it insured means one less thing to worry about. With ESI, you get to focus on reaching your financial goals rather than stressing over potential risks.
How Excess Share Insurance works (and why it’s helpful).
Excess Share Insurance (ESI) is extra coverage above the $250,000 limit, available through some credit unions like Louisiana Federal Credit Union. Unlike other forms of insurance, members don’t need to buy individual policies, and there’s no extra cost. Louisiana FCU meets strict underwriting standards to offer this extra protection, which covers up to $750,000 in qualifying accounts. It's like a safety net specifically designed for credit union members with larger savings.
How Excess Share Insurance complements NCUA insurance.
Excess Share Insurance works alongside NCUA insurance to fully protect your deposits. NCUA covers up to $250,000, and ESI kicks in beyond that — up to an additional $750,000. Together, they provide a safety net for savers with larger balances, ensuring your savings are completely covered without the need to split your funds across multiple accounts.
Should I get Excess Share Insurance?
If you have more than $250,000 in savings, Excess Share Insurance is a smart choice. It gives you the peace of mind that comes with knowing all your money is covered, no matter what happens. Learn more here.
Final Thoughts: Is Your Money Safe?
While failures are rare, they can still happen. Having full coverage for your deposits can make all the difference. With a plan that includes Excess Share Insurance, you can rest easy knowing your savings are protected—no matter what comes next.
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