Deposit Insurance
Deposit insurance protects Canadians’ savings in case a financial institution fails.
Most Canadian chartered banks are members of the Canada Deposit Insurance Corporation (CDIC). If your bank or financial institution is a CDIC member and it fails, your eligible deposits are insured, up to $100,000 per depositor. Be aware that deposits and products must be held in Canadian dollars at a CDIC member institution and that CDIC does not protect against fraud or theft.
As a consumer, you don’t have to apply or pay for deposit insurance. Eligible deposits up to $100,000 that are held with CDIC member institutions are automatically insured. CDIC insures most – but not all – savings. For example, deposits held in savings accounts and chequing accounts are eligible, but mutual funds and stocks are not eligible.
For a list of CDIC member institutions and more information, visit CDIC’s website.
Deposits in credit unions or caisses populaires are covered under provincial deposit insurance plans which vary between provinces.
Related Resources
- Savings Account Selector Tool
Compare interest rates and other features of different savings accounts - Banking Package Selector Tool
Compare features and find the banking package that best suits your needs - Financial Basics
A financial literacy workshop - The City
A financial life skills resource
- Banking Rights and Responsibilities
Learn more about your banking rights and responsibilities
About FCAC
For Consumers
- Banking
- Budgeting and Money Management
- Credit Cards
- Payment Options and Money Transfers
- Mortgages
- Credit and Loans
- Savings and Investments
- Insurance
- Fraud
- Your Rights and Responsibilities
For the Industry
Educational Programs
For Partners
For the Media
Resources
- Tools and Calculators
- Publications
- How to Lodge a Complaint
- Frequently Asked Questions
- Multimedia
- more resources...
Transparency
Footer
