Why Your Credit Union Accounts Are Seriously Safe

What is Credit Union Insurance?

Credit union insurance is a protection mechanism for your deposits, ensuring that your money is safe no matter what happens. Unlike banks, which have limitations for deposits insured through the Federal Deposit Insurance Corporation (FDIC), St. Anne’s combines the security of the National Credit Union Association (NCUA) and Massachusetts Credit Union Share Insurance Corporation (MSIC) to protect 100% of your deposits.

What Does Credit Union Insurance Cover?

Credit union insurance through the NCUA covers the following per account owner:

• Savings Accounts: Your regular savings accounts are insured up to $250,000.
• Checking Accounts: Just like savings accounts, checking accounts are insured up to $250,000.
• Money Market Accounts: These accounts also enjoy the same level of coverage.
• Certificates of Deposit (CDs): CDs are insured up to $250,000, ensuring that your investments remain protected.
• Individual Retirement Accounts (IRAs): IRAs are also covered up to $250,000, providing an additional layer of security for your retirement savings.

The MSIC then covers any deposit funds that exceed NCUA coverage, without limits!

Why is Credit Union Insurance Important?

Knowing that your money is protected allows you to bank with confidence. Here are a few reasons why credit union insurance is crucial:

1. Peace of Mind: You can rest easy knowing that your hard-earned money is safeguarded against unforeseen events.
2. Security for All Account Types: From savings to checking to retirement accounts, your finances are comprehensively protected.
3. Government Backing: The NCUA is a federal agency, meaning the insurance is backed by the full credit of the U.S. government.

Why Choose a Credit Union for Safe Savings?

Credit unions like St. Anne's not only provide excellent service and community focus but also ensure your deposits are secure. Here’s why banking with a credit union is a smart choice:

• Personalized Service: Credit unions offer tailored services that big banks might not provide, ensuring you get the attention you deserve.
• Community Focus: As a member, you're part of a community. St. Anne’s Credit Union invests profits back into the SouthCoast and South Shore areas, supporting growth and stability for all those we serve.
• Competitive Rates: Credit unions also reinvest their profits in order to often offer better rates on loans and savings accounts compared to traditional banks.

Conclusion

Your money's safety is a top priority at St. Anne's Credit Union. With the comprehensive coverage provided by the NCUA and MSIC, you can confidently trust that your deposits are safe. Whether you’re saving for a rainy day, managing your daily expenses or planning for retirement, your funds are protected and secure. This insurance coverage ensures that you can focus on your financial goals without worry. So when you think about safe savings, remember that your credit union has you covered.

For more information about how we protect your money, visit our Deposit Insurance page. Your financial security is our commitment!