Savings Accounts and Chequing Accounts
CDIC insures deposits in savings accounts
and chequing accounts that are held in Canadian dollars at a CDIC member.
How much is insured by
CDIC?
CDIC insures from $1 to $100,000. We calculate your insured savings by combining the amounts in:
- savings and chequing
accounts
- GICs and other term deposits with an original
date to maturity of 5 years or less
- money orders, certified cheques, travellers’
cheques and bank drafts issued by CDIC
members
- debentures issued by loan companies
For
example…
If you have the following in your name at a CDIC member:
- $5,000 in a chequing
account
- $3,000 in a savings
account
You have $8,000 insured by CDIC in case your bank
fails, because all of the above are insured by CDIC.
CDIC also insures other types of deposits from $1
to $100,000. Find out more about how CDIC calculates insured deposits.
CDIC covers more!
Click on any of the following to see what else CDIC covers: savings held in trust, savings held in an
RRSP, savings held in a RRIF, savings held for paying realty taxes on mortgage payments.
CDIC also insures savings held in more than one name
(joint deposits).
