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Email this4:40 am
April 9, 2019
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How funds are insured outside of GIC?
It is typical when one buys GIC from a Bank the amount insured by CDIC is limited by $100,000.
Are the same limits applied for the funds kept in Savings accounts?
For example I read in Simplii promotional offer description: “…the balance of your Eligible HISA (up to $1,000,000) will earn Promotional Interest”.
Does this also imply that all this amount will be insured (up to $1,000,000) or only 10% of it will be insured by CDIC ($100,000).
Do banks offer any other measure of protection aside of CDIC insurance?
7:40 am
September 15, 2017
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You should carefully review the CDIC website.
https://www.cdic.ca/your-coverage/
Savings accounts are combined with GICs for CDIC insurance coverage of $100,000 in total, including interest. Joint accounts are insured separately and registered funds are insured separately. Some major banks comprise of more than one institution, so funds in each of their institutions are insured separately by CDIC.
Credit Unions have higher insured limits with their own provincial agencies; the amount depending on the province.
7:41 am
September 11, 2013
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You have $100K insurance limit at each bank for all your deposits combined, bank accounts and GICs all counted together. No other insurance.
The rate of interest you're earning has no impact on the insurance amount.
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