Who Pays For Deposit Insurance
You do not pay CDIC for deposit insurance. CDIC member institutions pay premiums to CDIC.
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The ABCs of Deposit Insurance |
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|
| Up to $100,000 of your savings are insured by CDIC as soon as you
deposit them in an eligible account. Your savings must be: |
| A |
Accounts that are eligible—for example, savings,
chequing and GICs of 5 years or less. |
| + |
Held at… |
| B |
Banks and other financial institutions—insured deposits must be
held at a CDIC member. |
| + |
And held in... |
| C |
Canadian dollars—U.S. dollar and other foreign currency deposits
are not eligible. |
| A + B + C = insured deposits |
| Find out more about what’s covered and what’s not. |
|
|
Deposit insurance is different from many types of
insurance. You do not pay premiums. CDIC member institutions pay premiums to CDIC to cover the cost of
insuring your deposits. In the event of a failure, CDIC pays depositors the amount of their insured
savings—up to $100,000.
As a consumer:
- You don’t pay for our
insurance. Banks and other
member financial institutions pay premiums to CDIC. See the list of CDIC
members.
- You don’t need to sign up for our
insurance. We automatically insure
most savings. See What’s Covered, What’s Not Covered.
