Are Savings Accounts Insured?

In Canada, most savings accounts at major banks and many credit unions are insured, but coverage depends on where you bank and which insurer backs the deposits.

Typically, eligible deposits are protected up to certain limits if the institution fails—not against market losses or fraud.

KOHO High Interest Savings

When you use KOHO High Interest Savings, your funds are placed in trust with one or more CDIC member institutions.

That means your eligible deposits can be protected up to the applicable coverage limits, while you:

• Earn a high interest rate on your savings

• Keep your money accessible through the app

How Deposit Insurance Works in Canada

In Canada, deposit protection typically comes from:

• CDIC (Canada Deposit Insurance Corporation) – for member banks and some federal institutions

• Provincial deposit insurers – for many credit unions and caisses populaires

Coverage usually applies to eligible deposits like:

• Savings accounts

• Chequing accounts

• GICs (within certain terms and conditions)

Each insurer has its own coverage limit per depositor, per institution, and sometimes per account category. If you hold large balances, it’s worth checking how your money is spread out.

What’s Usually Covered vs Not Covered

Generally covered (if at a member institution):

• Savings and chequing account balances

• Eligible term deposits and GICs (within term limits)

Generally not covered:

• Stocks, bonds, mutual funds, and ETFs

• Crypto assets

• Losses from normal market fluctuations

Deposit insurance is there to protect you if the institution fails, not to guarantee investment performance.

How to Check If Your Savings Are Insured

To confirm your coverage:

• Look for CDIC or your province’s deposit insurer logo on your bank or credit union’s site

• Visit the insurer’s website and check their list of member institutions

• If you’re using a fintech, see which partner bank or credit union actually holds your funds

If you’re ever unsure, you can contact the institution directly and ask how your deposits are protected.