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Protecting your deposits

The Canadian Deposit Insurance Corporation (CDIC) protects the money you deposit in National Bank, in case the bank declares bankruptcy. For more information, see the CDIC Protecting Your Deposits brochure [PDF].

Maximum protection of

$100,000

per depositor per category

7 categories

of deposits are covered

To be eligible for insurance, deposits must be:

  • Payable in Canada
  • In Canada dollars or in foreign currencies

Categories of eligible deposits

The deposits covered by CDIC are primarily:

  • Chequing accounts
  • Savings accounts
  • Term deposits, including Guaranteed Investment Certificates (GICs)

Deposits can be in Canadian dollars or foreign currency, up to a maximum of $100,000 per category.  

The following deposits are not covered by CDIC: stocks, bonds, mutual funds, exchange-traded funds, cryptocurrencies and traveller’s cheques.

Savings held in one name

Eligible deposits held in one name are covered by CDIC up to $100,000.

Insured products

  • Chequing accounts
  • Savings accounts
  • GICs

Deposits held in trust

Eligible deposits held in trust are covered by CDIC up to $100,000 per beneficiary.

Insured products

  • Chequing accounts
  • Savings accounts
  • GICs

Deposits held in a Registered Retirement Income Fund (RRIF)

Eligible deposits held in an RRIF are covered by CDIC up to $100,000.

Insured products

  • RRIF
  • Savings accounts
  • GICs

Deposits held for paying realty taxes on mortgaged properties

Eligible deposits intended for property taxes are covered by CDIC up to $100,000. 

Insured products

  • Savings accounts
  • GICs

Deposits held in more than one name

Eligible deposits held in the names of two or more people are covered by CDIC up to $100,000.

Insured products

  • Chequing accounts
  • Savings accounts
  • GICs

Deposits held in a registered retirement savings plan (RRSP)

Eligible deposits held in an RRSP are covered by CDIC up to $100,000.

Insured products

  • RRSP
  • Savings accounts
  • GICs

Deposits held in a Tax-Free Savings Accounts (TFSA)

Eligible deposits held in a TFSA are covered by CDIC up to $100,000.

Insured products

  • TFSA
  • Savings accounts
  • GICs

Use CDIC's calculator to find out how much of your deposit is insured. 

Calculate

Deposits held in trust

How is deposit insurance calculated for deposits in trust? 

CDIC protects eligible products held in trust separately from all other deposits that the trustee or a beneficiary may hold at the same financial institution.

All insurable deposits held in trust by the same trustee for the benefit of the same beneficiary and at the same financial institution are combined when calculating CDIC coverage. The portion of the trust belonging to each beneficiary is insured up to $100,000 (capital and interest), provided certain disclosure rules are met.

For more information on deposits in trust, visit the CDIC website.

Do beneficiaries’ names and personal information need to be disclosed? 

Each year, CDIC requires the disclosure of certain information, including the name and address of each beneficiary, and the portion of the trust belonging to each beneficiary as of April 30. 

 

Failure to disclose this information

If trust disclosure rules are not met, the number of beneficiaries will not be considered when calculating deposit insurance. CDIC will aggregate all eligible deposits within a trust and insure them for up to $100,000, regardless of the number of beneficiaries. 

For example, if a trustee holds $400,000 in trust for 3 beneficiaries and does not disclose beneficiary information, the $400,000 would be considered a deposit from the trustee and covered only for $100,000.

 

The beneficiary information is disclosed?

The eligible deposit held for multiple beneficiaries will be insured for up to $100,000 per beneficiary. The trustee must disclose beneficiary information by May 30 of each year. 

For example, if a trustee sets up a trust of $400,000 for 3 beneficiaries and meets the trust disclosure rules, CDIC would insure eligible deposits in the trust for up to $300,000 (3 x $100,000 per beneficiary).

If you are a trustee who holds funds in trust for only one beneficiary and the information on file has not changed, you do not need to disclose any information.

View disclosure of information form

 

Little details that matter

Trade names

National Bank of Canada

Trade names : 

  • NBC
  • National Bank
  • National Bak Wealth Management
  • National Bank Private Wealth 1859
  • National Bank Financial Group
  • National Bank Financial Markets

 

Natcan Trust Company

Trade names : 

  • Banque Nationale Trust / Trust Banque Nationale / National Bank Trust
  • Fiducie Natcan / Natcan Trust

 

National Bank Trust Inc.

Trade names : 

  • Banque Nationale Trust / Trust Banque Nationale / National Bank Trust

 

Questions?

For more information about deposit insurance, go to the CDIC website.

Visit the CDIC website

Telephone icon

Call CDIC

1-800-461-7232


Member of Canada Deposit Insurance Corporation (CDIC)


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