Savings Accounts

How your savings are protected

If your financial institution goes bankrupt, as long as it is a member of the Canada Deposit Insurance Corporation (CDIC), your savings will beinsured by CDIC for up to $100,000. Most banks and trust companies in Canada are members of CDIC. Deposits in credit unions or caisses populaires are also covered under provincial deposit insurance plans, which vary from one province to the other.

As a consumer, you don't have to apply for deposit insurance, as long as your deposits are held with a CDIC-member institution. If that is the case, your eligible deposits are automatically insured up to the $100,000 limit.

Check with your financial institution which deposit insurance corporation is insuring your deposits, what accounts are eligible, and for how much. For more information about deposit insurance, visit the Canada Deposit Insurance Corporation.