Savings Held in More than One Name
(joint deposit) (Category 2)
CDIC automatically insures money deposited in eligible accounts in more than one name (joint deposit). Married couples, roommates and business partners are all examples of people who might have joint accounts.

What’s covered?
Joint deposits that are eligible include savings accounts, chequing accounts, term deposits of 5 years or less. Money orders, travellers' cheques, certified cheques and bank drafts that are issued by CDIC members, debentures issued by loan companies. Accounts holding realty taxes on mortgaged properties that are jointly owned are also eligible. To be eligible, a deposit must be held in Canadian money at a CDIC member.

How much is covered?
CDIC insures from $1 to $100,000 that is in an eligible joint deposit at a CDIC member institution. The combined money you have in eligible joint deposits is automatically covered up to $100,000 if your institution fails.

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

Category 2: Savings Held in More than One Name (joint deposit) 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.

Your Registered Education Savings Plan (RESP) may or may not be covered. Ask where you bank to find out.