Deposits held in one name
CDIC protects these eligible deposits held in one name:
- Savings accounts
- Chequing accounts
- Term deposits (including GICs)
These are all considered deposits under one name and are combined for a coverage limit of $100,000.
Example
Macy has recently graduated university and is planning a backpacking trip. To achieve her savings goals, she’s put money aside. She banks with two financial institutions, member institution A and member institution B.
This is what Macy has in one name at two CDIC member institutions. Here is what does (✓) and does not (✗) qualify for coverage:
Here is what Macy holds at CDIC member institution A:
- $5,000 in a high interest savings account
- $2,000 in a GIC
- $3,000 in a chequing account
- $1,500 in stocks and bonds
- $1,000 in mutual funds
Total portfolio at member institution A
$12,500
Eligible deposits
$10,000
Protected by CDIC
$10,000
Here is what Macy holds at member institution B:
- $3,000 in a GIC
- $1,500 in a chequing account
- $5,500 in a savings account
- $2,200 in stocks and bonds
- $1,000 in mutual funds
Total portfolio at member institution B
$13,200
Eligible deposits
$10,000
Protected by CDIC
$10,000
Macy’s eligible deposits are protected up to $100,000 at member institution A and B separately. So, in this example, she has $20,000 total in eligible deposits at both member institution A and B.
Deposit insurance is free and automatic.
See how CDIC deposit protection works and explore the different coverage categories.
Explore how deposit insurance works