Kevin M wrote:, yet the FDIC considers them as the same ownership category. So apparently if you have a KEOGH you are better off at a credit union than a bank in terms of federal insurance coverage.
I've seen opinion before that NCUA and FDIC provide same coverage. Perhaps they do, or never did, or did until recent legislation.
NCUA.gov says "NCUA protects the money you have in a federally insured credit union up to $250,000, same as FDIC protects money in a bank account."
Doesn't say is identical, but unkind to use word "same" if they aren't identical in coverage.
Keogh's may have advantages and disadvantages vs IRAs vs 401k Solo. Not sure, but it might be possible to convert (or "rollover" or whatever) a Rollover IRA into a Keogh.
Pam01 wrote:http://www.ncua.gov/Legal/GuidesEtc/Gui ... nsured.pdf
"For example, if you have a regular share account, an IRA, and a KEOGH at the same credit union, the NCUSIF insures the regular share account for up to $250,000, the IRA for up to an additional $250,000, and the KEOGH for up to an additional $250,000."
The "you" in above quote (center of 2nd page) implies to me that a Keogh for a sole proprietorship should be covered separately from IRA category.
There is a warning here it "bases the computations for coverage on the rules in effect as of October 3, 2008. If any subsequent statutory or regulatory changes should occur, NCUA will update the calculator as quickly as possible."
So hopefully up to date, but who knows.
If you choose "Business Account" you are asked if is a sole proprietorship. If so, are redirected to personal account. If try "other" for Keogh, told "E-Calculator can only calculate the insurance coverage of single accounts, joint accounts, ITF/POD accounts, living trust accounts, and IRAs."
I've some interest in free or cheap insurance like FDIC, NCUA, SIPC, but again, the $250,000 limit isn't my problem, so not willing to spend much effort finding the facts.
If anyone finds more or better info, please post here and/or PM me.