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This provides deposit insurance for credit unions in much the same way as the FDIC provides insurance for banks. Look for the NCUA logo at your credit union's teller stations. The standard maximum limit is $250,000 per individual account holder, per federally insured credit union. (To check on whether your credit union accounts are fully covered, use NCUSIF's coverage estimator at http://webapps.ncua.gov/ins.)
There are no early withdrawal penalties and you can add funds into the account at anytime. There is a maximum allowed amount of $2,000 per year. For current savings account rates and money market savings account rates visit the credit union at: Navy Federal FCU Savings Account Rates.