Canada Deposit Insurance Corporation (CDIC)
Zag Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means that you are covered by CDIC's deposit insurance.
What kinds of Zag Bank accounts are eligible for deposit insurance from CDIC?
|High Interest Savings accounts (HISA)||
|Guaranteed Investment Certificates (GICs) with terms of 5 years or less||
|Registered Retirement Savings Plans (RRSPs)||
|Tax-Free Savings Accounts||
CDIC deposit insurance covers up to $100,000 (principal and interest combined) per depositor, subject to maximum coverage limitations as outlined by CDIC in Protecting Your Deposits. Deposits must be in Canadian funds, payable in Canada and have a term of no more than 5 years.
Plus, CDIC covers the following deposit categories separately:
- joint deposits ($100,000 collectively, not per individual)
- deposits held in RRSPs ($100,000, principal and interest combined)
- TFSA deposits ($100,000, principal and interest combined)
You can learn more about CDIC here.