All of us expect our savings to be safe when we deposit them at the bank. However, although it’s rare, banks and other financial institutions in Canada can fail, so always make sure your savings are protected. The next time you visit your branch or meet with your financial advisor, ask about deposit insurance.
The Canada Deposit Insurance Corporation (CDIC) is the federal Crown corporation that protects Canadians’ savings in the event their financial institution goes bankrupt. It protects eligible deposits of up to $100,000 at its member institutions.
You don’t need to sign up — Deposit insurance is automatic for eligible deposits in Canadian dollars at CDIC member institutions.
You don’t have to pay — Member institutions pay for deposit insurance through annual premiums.
Make informed decisions when managing your savings. Whether you are new to the workforce or planning for retirement, you can take comfort in the fact that eligible deposits are protected by CDIC.
Visit cdic.ca, download CDIC’s free app from your favourite app store, or ask where you bank for more information about CDIC deposit insurance.