Are Deposits in Credit Unions "Safe"?

[Megamill]

Anybody here have CD's or savings accounts with a credit union? I've never had an account with a CU and always thought they were kind of odd but what do I know? There is a local one that is advertising CD specials: 19 mo @ 2.10 apy, 25 mo @ 2.25 apy. DH and I are old school, so probably won't ever consider an online bank for higher yield so looking for alternatives.

thoughts?

[Hyperborea]

Credit unions in general have the same level of insurance as a bank. NCUA member credit unions (almost/all? of them) are covered at the same level as FDIC for banks and backed the same by the US government.

[chevca]

Yes, look up NCUA.

[David Jay]

Yes, there is federal NCUA insurance (the parallel of FIDC for banks).

[Megamill]

thank you for the quick responses. I will check into the NCUA insurance.

[dm200]

Credit unions in general have the same level of insurance as a bank. NCUA member credit unions (almost/all? of them) are covered at the same level as FDIC for banks and backed the same by the US government.

Yes -

Look for the "Insured by NCUA" notice at the credit union or web site. THEN, independently go to www.ncua.gov and look up the credit union to make sure it is "federally insured by NCUA". Anybody can put up a sign.
If the credit union is privately insured - not by NCUA - then make your own decision. For the small number of privately insured credit unions, your money is generally safe - BUT not the federal guarantee.

[Megamill]

wow! good to know. thank you.