Savings Held in One Name (Category 1)
CDIC automatically insures money deposited in eligible accounts in the name of one depositor—for example, a person, a business or other organization.

What’s covered?
Deposits held in one name that are eligible for CDIC insurance include savings accounts, chequing accounts, and GICs or other term deposits of 5 years or less. Eligible deposits are also money orders, certified cheques and bank drafts that are issued by CDIC members and debentures issued by loan companies. To be insured, a deposit must be held in Canadian money at a CDIC member.

How much is covered?
CDIC insures from $1 to $100,000 in the name of a person, organization or business at a CDIC member institution. The combined money you have in eligible deposits held in one name is automatically covered up to $100,000 if your bank fails.

For example…
If the total amount of eligible deposits held in your name is $500 when your institution goes bankrupt, you will have $500 returned to you. If the total amount is $120,000, you will have $100,000 returned to you. It is possible for more than $100,000 of your savings to be insured by CDIC—if they are held in more than one of CDIC's six deposit insurance categories.

Category 1: Savings Held in One Name at a CDIC Member
What’s covered?	What’s NOT covered?
$1 to $100,000 in... savings accounts chequing accounts GICs and other term deposits of 5 years or less money orders, certified cheques, travellers' cheques and bank drafts issued by CDIC members debentures issued by loan companies	mutual funds and stocks GICs and other term deposits of more than 5 years money orders, certified cheques, travellers' cheques and bank drafts issued by non-CDIC members notes, principal protected notes, bonds and debentures issued by governments, corporations or chartered banks Treasury bills
CDIC insures Canadian dollar deposits only.	CDIC does NOT insure U.S. dollar or other foreign currency deposits.