NCUA vs. FDIC: An Overview Congress created the NCUA and the FDIC to help provide stability and encourage public confidence in the nation’s banking system.

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.

Having $250,000 in an IRA at an FDIC-insured bank and $250,000 in a single account, would allow you to have $500,000 covered by FDIC deposit insurance. Bankrate's take ...