Insure Your Accounts Beyond $250,000
July 7, 2022
Goldenwest continues to operate as a highly-capitalized credit union with a 5-star rating from BauerFinancial for financial strength. Members can be confident that Goldenwest’s strong financial position provides security and safety for your hard-earned savings.
You have likely seen the National Credit Union Administration (NCUA) logo stating your deposits are federally insured to $250,000. However, did you know a three-person family could insure their savings for more than $1 million at Goldenwest?
One of my favorite financial tips is telling members how to structure their savings – with individual accounts, joint accounts, IRAs, and trust accounts – to maximize NCUA insurance coverage. It is important to note:
• Each individual account is insured to $250,000.
• Each owner on a joint account is insured to $250,000.
• If you have an IRA, it is separately insured to $250,000.
• If you have a trust account, it is separately insured to $250,000 per beneficiary.
The chart below shows how a family of three could structure their deposit accounts for NCUA insurance for $2.5 million:
| Insurance coverage for each owner is calculated as follows: | ||
|---|---|---|
| Husband | $250,000 | |
| Individual Accounts | Wife | $250,000 |
| Child | $250,000 | |
| Husband and wife | $250,000 | |
| Joint Tenancy Accounts | Husband and child | $250,000 |
| Wife and child | $250,000 | |
| Husband as trustee for wife | $250,000 | |
| Testamentary Revocable Trust Accounts | Wife as trustee for husband | $250,000 |
| Husband as trustee for child | $250,000 | |
| Wife as trustee for child | $250,000 | |
| TOTAL | $2,500,000 | |
| Source: NCUA Your Insured Funds Booklet, page 32 | ||
Savings, checking accounts, certificates, money market accounts, IRAs, and trust accounts are all eligible for NCUA insurance. Although your funds are automatically insured when deposited at Goldenwest, I encourage you to regularly review your accounts to verify they are structured to provide maximum NCUA insurance coverage.
Another hot financial tip is that Goldenwest Union is offering multiple certificate specials for members bringing new money to the Credit Union. The shorter-term certificates provide more flexibility should you need to access your funds in a year or two, while the longer terms pay higher yields. Choosing the right certificate for you depends on your future financial needs and goals.
| Special Term | Stated Rate | Annual Percentage Yield |
|---|---|---|
| 13 months | 1.49% | 1.50% APY |
| 21 months | 2.23% | 2.25% APY |
| 33 months | 2.33% | 2.35% APY |
| 50 months | 2.62% | 2.65% APY |
If you are a Goldenwest President’s Club member, you can take advantage of certificate rate bumps for higher yields. The President’s Club is available for members with $50,000 or more on deposit in certificates, money market accounts, IRAs, and share savings accounts at the Credit Union. To learn more about the President’s Club, contact us at 800-283-4550 or visit any branch.
Members can conveniently apply for new certificates as well as checking, savings, and money market accounts through the Goldenwest online and mobile banking platforms. As always, you are welcome to open new accounts at our branches, or over the phone by calling the Contact Center.
Thank you for choosing and trusting Goldenwest for your deposit accounts. Together with our member-led Board of Directors, we are working hard to give you a high return on your savings while keeping your funds safe and secure.
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