Savings Accounts and Chequing Accounts
DICO automatically insures Canadian deposits in savings accounts and chequing accounts maintained at each DICO insured institution.
How much is insured?
DICO insures deposits up to $100,000. We calculate your insured savings by combining the amounts in:
- savings and chequing accounts
- term deposits and GICs
- money orders, certified cheques and drafts issued by DICO insured institutions (that are payable to you and not yet cashed)
For example…
If you have the following in your name at a DICO insured institution:
- $10,000 in a savings account
- $2,000 in a chequing account
You have $12,000 insured by DICO to protect your savings in the event that your credit union goes out of business and is unable to repay all of its deposits. Any combination of the above types of accounts in the name of a separate depositor is covered by DICO to the maximum limit of $100,000.
More than $100,000 in savings?
DICO provides separate insurance for deposits held in one name, jointly in more than one name, in a trust account and in registered savings plans.