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.
Our calculator can help you understand coverage. Protection is based on several deposit categories that keep your money safe throughout your life.
Calculate your coverage