Yes! Your Wealthsimple Smart Savings account is deposited with a Canadian Deposit Insurance Corporation (CDIC) member institution. We automatically split your money between multiple CDIC member institutions, giving you up to $1,000,000 of CDIC insurance coverage for Smart Savings, and $500,000 for Joint Smart Savings through these members.
What is CDIC insurance coverage?
The Canada Deposit Insurance Corporation (CDIC) is a crown corporation that insures eligible deposits held at Canadian member institutions in case of a member institution failure (also called a default). In the unlikely case that a member institution holding your Smart Savings contributions were to default, your eligible contributions can be protected up to $1,000,000 for Smart Savings, and $500,000 for Joint Smart Savings through our multiple CDIC member institutions. You can learn more about CDIC insurance and eligible deposits on their website.
CDIC insures up to $100,000 of eligible deposits per client per member institution within each insured category. Our Smart Savings allows you to split your eligible contributions between multiple CDIC member institutions, giving you up to $1,000,000 of CDIC insurance coverage for Smart Savings, and $500,000 for Joint Smart Savings. You can learn more about CDIC insurance on their website.
CDIC coverage limits apply to all your eligible deposits with a member institution, including any that you have made directly in the same insured category.
Who are the institutions Wealthsimple Smart Savings deposits with?
Our Smart Savings deposits can be held within Toronto Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, ADS Canadian Bank, National Bank of Canada, Equitable Bank, and B2B Bank. You can learn more about the complete list of CDIC member institutions here.
Your Wealthsimple investment accounts are protected by the Canadian Investor Protection Fund (more on that here).