If you deposit $245,000 and accrue $5,000 in interest, you are insured for the principal plus all your interest because it doesn’t exceed the $250,000 FDIC insurance limit.

The NCUA offers deposit insurance that's similar to FDIC insurance. Like the FDIC, the NCUA offers coverage of up to $250,000 per depositor, per credit union, per ownership category .

Newly sworn-in President Donald Trump on Monday appointed Federal Deposit Insurance Corporation vice chair Travis Hill to lead the agency on an acting basis, the White House said.