A CDIC insured account means that deposits held in that account are protected by the Canada Deposit Insurance Corporation (CDIC). If a CDIC member financial institution fails, eligible deposits are covered up to the insurance limits.
Coverage Details
- Coverage limit: Up to $100,000 per depositor, per insurance category, per member institution.
- Eligible deposits: Savings accounts, chequing accounts, and GICs (up to 5 years).
- Not covered: Stocks, bonds, ETFs, mutual funds, and cryptocurrencies.
Why It Matters
When a deposit is CDIC insured, Canadians can be confident their money is safe even if the bank fails. This protection helps maintain trust in the banking system and secures everyday savings.
Final Thoughts
Checking whether an account is CDIC insured is an important step in managing safe deposits. It ensures your funds are protected within Canada’s deposit insurance framework.