Does CDIC Cover Multiple Accounts?

Yes, CDIC can cover multiple accounts—but not $100,000 per account.

In Canada, the Canada Deposit Insurance Corporation (CDIC) insures eligible deposits up to $100,000 per depositor, per CDIC member institution, per insurance category, including principal and interest.

If you have several accounts in the same category at the same bank (for example, chequing + savings + GIC all in your own name), CDIC adds them together and insures them up to a combined $100,000, not $100,000 each.

How KOHO Essential Fits In

KOHO isn’t itself a CDIC member bank, but the cash in your KOHO account that earns interest is held in trust at one or more CDIC member institutions.

With KOHO Essential, you get:

• No monthly fees by setting up direct deposit or adding $1,000

• Grow your savings with a 2% interest savings rate on your entire balance

• Earn great 1% cash back on groceries, eating & drinking, transportation

• Send money to 190+ countries quickly and securely with the best exchange rates and no hidden markups or other-worldly fees

• Unlimited transactions and e-transfers

• No minimum balance required

How CDIC Coverage Works With Multiple Accounts

Think of CDIC coverage in three layers:

1. Same Bank, Same Person, Same Category

If you have at one CDIC member bank:

• A chequing account in your name

• A savings account in your name

• A 1-year GIC in your name

All of these fall under “deposits held in one name” at that institution. CDIC adds them together and insures up to $100,000 total for that category at that bank.

2. Different Categories Get Their Own $100,000

CDIC has several separate insurance categories (for example: deposits in one name, joint deposits, RRSP, TFSA, trust deposits, etc.). Each eligible category at the same bank has its own $100,000 limit.

That means you could be covered for more than $100,000 at one institution if your money is spread across different insured categories (e.g., one-name deposits + joint deposits + registered deposits).

3. Different Banks = Separate Coverage Again

Coverage also applies separately to each CDIC member institution. If you have:

• $100,000 in eligible deposits at Bank A

• $100,000 in eligible deposits at Bank B

Both amounts can be fully insured, as long as both institutions are CDIC members and the money fits within the category limits at each.

Practical Tips If You’re Near the Limit

If you’re getting close to CDIC limits and want to keep everything insured:

• Check your bank on the CDIC member list to confirm it’s covered.

• Remember that multiple accounts in your own name at the same bank share one $100,000 limit in that category.

• Consider using different categories or different member institutions if you need more insured room.