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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.
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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