You may obtain additional NCUSIF insurance coverage on multiple accounts if you have different ownership interests or rights in these accounts, such as joint accounts, Payable on Death (POD) accounts, Revocable Trust Accounts, or accounts with different qualifying beneficiaries. Qualified beneficiaries include a depositor's spouse, children, grandchildren, parents, siblings, stepparents, stepchildren and adopted children. For example:
- In addition to an individual savings or checking account, if you have a joint account with a spouse or parent and the balance is $500,000, each account holder's ownership interest is insured up to $250,000, so the entire joint account is insured as well as the initial individual account type.
- In addition to a joint account between yourself and a spouse (insured up to $500,000), if you have a Payable on Death account (also known as a Revocable Trust) with a balance of $100,000, you could be insured up to $750,000. The Payable on Death account is considered a separate account, for insurance purposes.