We are the federal Crown corporation that protects deposits held at its member financial institutions, in case of their failure.
Banks and other financial institutions in Canada seldom fail, but it has happened and could happen again.
Knowing that their deposits are protected against failure helps Canadians feel confident about keeping their money in banks and other financial institutions that are CDIC members. This helps to keep the Canadian financial system strong, which benefits all Canadians.
Coverage is free. You do not pay CDIC for deposit insurance. Our member institutions pay premiums to CDIC. Protection up to $100,000 per category is automatic if you bank with one of our members.
Deposits are not insured separately if made at different branches of the same CDIC member institution.