Which agency insures savings in federal credit unions?

The National Credit Union Administration (NCUA) is the agency responsible for insuring savings in federal credit unions. This insurance is similar to the coverage provided by the Federal Deposit Insurance Corporation (FDIC) for banks. The NCUA’s insurance protects members' deposits in federal credit unions, ensuring that their savings are safe, even if the credit union were to fail.

The NCUA manages the National Credit Union Share Insurance Fund (NCUSIF), which provides up to $250,000 in coverage per depositor, per insured credit union, for each account ownership category. This insurance is an important factor for consumers when deciding where to place their savings, as it provides peace of mind regarding the safety of their funds.