Are chequing and savings accounts insured?

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Are chequing and savings accounts insured?

Rounding it up

  • There are seven types of accounts in Canada, and all insured by the Canadian Deposit Insurance Corporation (CDIC) up to $100,000 per account.

  • However, CDIC will not cover all deposits in each account. For example, they’ll insure term deposits, but not stocks, bonds, and mutual funds.

  • If you’re over the insurable limit in an account, consider moving the excess into a type of account that will work for you.

  • Finally, always remember to bank with a financial institution that’s part of CDIC’s insurance program.

5 min read

Dan Bucherer
#insurance#CDIC#chequing account#savings account

Dan Bucherer

Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.

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