If you are dealing with a bank then you are interested in FDIC coverage. If you are dealing with a credit Union it is NCUA coverage.
Both NCUA coverage and FDIC Coverage have a $250,000 limit. Both types of institutions have coverage that can exceed the $250K amount if they have multiple account types with that one institution:
What are the basic NCUA coverage limits?*
Single Ownership Accounts (owned by one person with no beneficiaries):
$250,000 per member-owner
Joint Ownership Accounts (two or more persons with no beneficiaries):
$250,000 per owner (with the primary owner a member of the credit
IRAs and other certain retirement accounts: $250,000 per member-owner
Revocable trust accounts: Each member-owner is insured up to $250,000
for each eligible beneficiary named or identified in the revocable
trust, subject to limitations and requirements.
Irrevocable trust accounts: Each owner (so long as all owners OR all
beneficiaries are members of the credit union) is insured up to
$250,000 for each beneficiary named or identified in the irrevocable
trust, subject to specific limitations and requirements. Coverdell
Education Savings Accounts, formerly education IRAs, are insured as
irrevocable trust accounts.
A qualifying eligible beneficiary must be a natural person, or a
charitable organization or non-profit entity under the Internal
*These share insurance coverage limits refer to the total of all shares that account owners have at each federally insured credit
union. The listing above shows only the most common ownership types
that apply to individual and family shares, and assumes that all NCUA
requirements are met.
One important item is that a bank or credit union can have products they sell that don't have the $250K coverage:
What types of accounts are eligible for NCUA insurance?*
NCUA share insurance covers many types of share deposits received at a
federally insured credit union, including deposits in a share draft
account, share savings account, or time deposit such as a share
certificate. NCUA insurance covers members' accounts at each federally
insured credit union, dollar-for-dollar, including principal and any
accrued dividend through the date of the insured credit union’s
closing, up to the insurance limit. This coverage also applies to
nonmember deposits when permitted by law.
NCUA does not insure money invested in stocks, bonds, mutual funds,
life insurance policies, annuities or municipal securities, even if
these investment or insurance products are sold at a federally insured
credit union. Credit unions often provide these services to their
members through third-parties, and the investment and insurance
products are not insured by the NCUSIF. In locations where these
investment and insurance products are offered or sold to members,
credit unions are required to disclose that the products:
-- are not insured by NCUA;
-- are not deposits or other obligations of the credit union and are not guaranteed by the credit union; and
-- are subject to investment risks, including possible loss of the principal invested.
In addition, NCUA does not insure safe deposit boxes or their