Are chequing and savings accounts insured?

Back to learn

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.

Recent Articles

The Canada Worker Lockdown Benefit and You

Tax season 101: What you need to know

Can international students get a bank loan in Canada?

Is there a consumer financial protection bureau in Canada?

Are Canadian bank accounts insured?

Is there a tax credit if you buy a home?

Related articles

Are Canadian bank accounts insured?

5 mins

Dan Bucherer

Insurance is something you don’t need until you definitely do. Learn how the CDIC protects your money.

Are Canadian bank accounts insured?

5 mins

Dan Bucherer

Insurance is something you don’t need until you definitely do. Learn how the CDIC protects your money.

#insurance

#CDIC

#bank

#bank accounts

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Visa* Prepaid card is issued by Peoples Trust Company pursuant to license by Visa Int. *Trademark of Visa Int., used under license. **These services are provided by Service Providers, including Visa, Peoples Trust Company and Galileo Processing. Learn more about your finances with Visa Practical Money Skills.