Yes! All our investment saving accounts in our HISA portfolio are covered by CDIC insurance up to a maximum of $100,000 with principal and interest combined. If you would like to request additional coverage over $100,000, read more about it below!
What is CDIC insurance coverage?
The Canada Deposit Insurance Corporation (CDIC) is a crown corporation that insures deposits held at Canadian banks up to $100,000 in case of a bank failure (also called a default). In the case where a bank offering investment savings accounts through our HISA defaults and your deposits are held there, your savings will be protected up to $100,000. With our HISA, you also have the option to have additional coverage over $100,000 to reduce your risk. You can learn more about requesting additional coverage below!
There are many reasons why a bank may default or fail. Fraud is one reason, and CDIC insurance coverage ensures your savings are protected.
If I have over $100,000 in my HISA, will my funds over $100,000 still have CDIC coverage?
By default, no, but you have the option to extend your coverage by speaking with one of our Portfolio Managers. Keep in mind that by extending your CDIC coverage over $100,000, you'll receive a mixed interest rate based on the investment savings accounts your funds are in.
Your other investment accounts are insured by the Canadian Investor Protection Fund (more on that here).