Extended Insurance Account
Coverage That Keeps Up With Your Growth
One Account, Up to $18M in Coverage
Traditional banks typically insure only up to $250,000 per account, which can leave a portion of your business funds unprotected. Our Extended Insurance Account provides expanded NCUA-backed coverage up to $18 million, without the complexity of juggling multiple accounts at different institutions.
Whether you’re managing operating reserves, planning for the future, or setting aside savings for growth, this account offers the safety, flexibility, and convenience you deserve.
Protect More, Worry Less
Protect up to $18 million of your funds through a NCUA-insured partner network, all in one simple account.
Grow with Confidence
Earn competitive, market-leading rates on your full balance while protecting your deposits.
Simplified Savings
Manage one bank relationship with a consolidated account for your balances and statements.
Full Transparency
See allocations deposited at other credit unions in real-time and maintain control of your money.
Expanded Coverage Without the Extra Effort
As your balances grow, so should your protection. Our Extended Insurance Account provides millions in federally insured coverage on your deposits by distributing your balance to partner credit unions. This keeps every portion under $250,000 within standard NCUA insurance limits, allowing us to extend your total coverage up to $18 million for your business deposits.
You stay with the same banking team, earn interest on your total balance, and manage everything under one account while we handle the behind-the-scenes work to help maximize your protection.
Connect with a Business Services Officer – Extended Insurance Account
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Extended Insurance Account FAQs
An Extended Insurance Account gives your business access to millions in federally insured coverage by distributing your deposits across a network of participating credit unions. Each placement stays within the $250,000 NCUA insurance limit, while Sound Credit Union manages everything under one account.
Your funds are automatically placed with federally insured partner credit unions through Sound Credit Union’s deposit network. Each placement is insured up to $250,000 by the NCUA’s Share Insurance Fund, protecting your total balance.
For example, let’s say your business has $1 million that you want to safeguard and earn interest on. You start by depositing the full amount with Sound Credit Union through an Extended Insurance Account. The money is then distributed into smaller portions and placed in demand deposit accounts at various credit unions within the network. The first $250,000 will be allocated to Sound Credit Union, another $250,000 to Credit Union A, an additional $250,000 to Credit Union B, and the remaining $250,000 to Credit Union C. All of these credit unions are partnered with the ModernFi Network. This allocation helps ensure that each dollar is covered by NCUA share insurance, in an amount up to the maximum of $250,000 per share owner per credit union.
You control the account just like a regular transaction account. You can deposit, withdraw, or transfer funds at any time. Sound Credit Union and ModernFi manage and oversee your allocation, ensuring funds are distributed to demand deposit accounts within the network.
A deposit network is a group of credit unions working together to help one another enhance member relationships. The network is a powerful tool that helps credit unions provide extended insurance to members. Sound Credit Union is a member of the ModernFi network.
ModernFi partners with credit unions in good standing with regulators, and compliant with all Anti-Money Laundering and Know Your Customer requirements. ModernFi only places deposits at US-based NCUA-insured credit unions that are monitored by a U.S. federal or state governmental agency responsible for the supervision of financial institutions. Sound Credit Union maintains complete control over the credit unions that can receive your funds and you always have full transparency into the allocation of your funds.
Extended Insurance Accounts offer a high degree of security for your deposits, utilizing NCUA insurance to safeguard funds up to $250,000 per member at each participating credit union. This protection extends even in the event of a participating credit union’s failure, ensuring the continued safety of your deposits.
Fill out our contact form and one of our Business Services Officers will contact you to get started within 1-2 business days.
Back to top Disclosures
FEDERALLY INSURED BY NCUA
Offers valid for existing or new Sound members. Membership with a savings account at Sound Credit Union is required to participate in the offer. Anyone who lives or works in WA can join.
APY is Annual Percentage Yield. Membership with a Business Savings account at Sound Credit Union is required. See credit union for details.
1Online business account opening is only available to new members whose businesses are either Sole Proprietorships, Single-Member LLCs, Multi-Member LLC (with up to 4 individual members), or General Partnerships. If you’re an existing business member or your business has a different structure, contact our Business Services Team. “Individual members” means people, not corporations, trusts, or other business entities.