Savings Held in More than One Name (Joint Deposits)
CDIC provides separate deposit insurance coverage for eligible deposits held in more than one name (joint
accounts and financial products). Married couples, a parent and child, and business partners are all examples
of people who might have a joint account or financial product.
What’s covered?
CDIC insures from $1 to $100,000 of eligible deposits payable in Canada, in Canadian dollars. We calculate
your insured deposits all held (jointly) in the same names by combining the amounts in:
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Accounts
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- savings accounts
- chequing accounts
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Financial products
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- GICs or other term deposits with an original term of 5 years or less
- money orders, certified cheques and bank drafts issued by CDIC members
- debentures issued by loan companies
These deposits must be held in Canadian dollars at a CDIC member. For
disclosure requirements and more information about joint deposits coverage, see Information Bulletin.
For more details, see our FAQs.
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For example
Say you and your spouse have a joint chequing account. You also have a joint savings account with your
daughter.
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How much of the savings in your joint accounts would you get from CDIC if your financial institution were
to fail? Even though you jointly own each of the accounts, CDIC would consider each account to be held
separately (one by you and your spouse, the other by you and your daughter). CDIC insures up to $100,000 per
set of joint depositors (not to each individual joint owner) held in EACH account. So:
- If you and your spouse had $500 in your joint chequing account, you and your spouse would receive at
total of $500 from CDIC.
- If you and your daughter had $110,000 in your joint savings account, you and your daughter would receive
a total of $100,000.
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Did you know?
If you hold money in a joint account with another person, CDIC insures it separately from
money you hold in a savings account in your own name.
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CDIC covers more!
Click on any of the following to see what else CDIC covers: savings held in one name, savings
held in trust, savings held in an RRSP, savings held in a RRIF, savings held
in TFSA, money held for paying realty taxes on mortgaged
properties.
