Rates Explained: Savings

Is my money safe?

Savings accounts at banks are covered by deposit insurance.

BankYour depositsBank or credit unionDeposit insurance

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits at its member banks, including savings accounts, in Canadian or foreign currency. It's free and automatic1.

  • Up to $100,000, including interest, per category, at each member bank1.
  • Deposits in your name, joint deposits, and deposits in a TFSA, RRSP, RRIF, FHSA, RESP or RDSP each count as a separate category1.
  • Investments like stocks, mutual funds, ETFs and crypto aren't covered1.

Some high-interest savings products are sold through investment accounts. Ask how yours is covered: CDIC suggests asking your financial institution about a specific product1.

At a credit union

Most credit unions are covered by a deposit insurer in their own province, not CDIC. For example, in Ontario, eligible deposits are insured up to $250,000, and deposits in registered accounts have no limit2. Ask your credit union what applies to you.

See also Is my money safe? in the GIC lessons.

References
  1. Canada Deposit Insurance Corporation: what's covered
  2. Meridian: savings account rates and how interest is paid