Your Savings Are Protected with Mitten

A great rate means nothing if you’re not sure your money is safe.

At Mitten, we believe you shouldn’t have to choose between growing your money and feeling confident that it’s secure. Mitten Savings accounts were built on the foundation of a 90+ year old credit union, and they’re covered by federal protection, so you can focus on your goals, not worry about your savings.

What Makes Mitten Savings Different

Mitten Savings is designed to give you the best of both worlds:

While we provide a streamlined, digital experience, your deposits are held right here in Michigan and protected through a system that has safeguarded credit union members for decades.

What is NCUA Insurance?

Mitten Savings accounts are insured through the National Credit Union Share Insurance Fund (NCUSIF).

This means:

  • Your deposits are protected by the National Credit Union Administration (NCUA)
  • Coverage is backed by the full faith and credit of the U.S. government

Simply put, if something happened to the credit union, your money is still yours.

This federal coverage functions similarly to FDIC insurance at banks, giving you the same level of confidence and security while allowing your money to earn more in a high-yield savings account.

How Much of Your Money is Protected?

NCUA insurance covers:

Up to $250,000 per depositor, per credit union, per ownership category

What that means for you:

  • If you have individual accounts in your name, your combined balance is insured up to $250,000
  • Your protection automatically includes accrued interest, so as your balance grows, your coverage applies to those earnings as well
  • There is no cost to you for this protection; it’s built into your account

For most savers, that’s full coverage, and it costs you nothing. Mitten Savings operates as a division of Community Choice Credit Union, so if you have a Community Choice account, along with a Mitten account, your NCUA insurance covers both. 

How Mitten Helps You Maximize Both Earnings and Protection

One of the simplest ways to strengthen your savings strategy is through diversification across accounts and institutions.

Adding a high-yield digital account like Mitten alongside your primary checking or savings account can help you:

  • Earn more on money you’re not actively spending
  • Keep funds separated for different goals
  • Expand your total federal insurance coverage across institutions

Because NCUA coverage applies per credit union, having accounts in more than one place can increase the total amount of insured savings you have. 

Calculate Your Coverage with Confidence 

If you want a clearer picture of how your savings are protected, the NCUA offers a free tool to help.

It lets you:

  • Estimate your total insured amount
  • Explore different ownership structures
  • Confirm your coverage based on your specific accounts

Visit MyCreditUnion.gov and use the Share Insurance Estimator to see how your savings are protected. Your money is growing. It’s also safe. That’s the whole point.

Back to blog