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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.
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.
It’s hard to win an argument with a smart person, it's damn near impossible to win an argument with a stupid person. - Bill Murray
Yes, there is federal NCUA insurance (the parallel of FIDC for banks).
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius
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.