Savings Held in One Name
CDIC deposit insurance covers money held in eligible accounts and financial products in the name of one
depositor—for example, a person, a business or other type of organization.
What’s covered?
From $1 to $100,000 of the total amount in the following accounts and financial products, all
held in the same name:
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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 to maturity 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.
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For example . . .
Say you have a chequing account and a GIC (with an original term to maturity of 4 years) in a financial
institution that is a CDIC member. Both are in your name alone.
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How much would you get from CDIC if your financial institution were to fail? CDIC would add up the amounts
in the chequing account and the GIC and pay up to $100,000 of the total. So:
- If you had $500 in the chequing account and $1,000 in the GIC, for a total of $1,500, you would get
$1,500 from CDIC.
- If you had $25,000 in the chequing account and $110,000 in the GIC for a total of $135,000 you would get
$100,000 from CDIC.
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Did you know?
If you have two chequing accounts held in your name—in two different branches of the
same financial institution—CDIC insures up to $100,000 of the total amount in the
two accounts.
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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).
