CDIC Coverage at Alterna Bank
As a CDIC member, Alterna Bank offers deposit insurance on eligible deposits, including savings and chequing accounts, term deposits, and Guaranteed Investment Certificates (GICs). The standard coverage limit is up to $100,000 per insured category, per depositor, at each CDIC member institution. It's important to note that coverage is separate for each category, allowing for increased protection across different types of accounts.
Eligible Deposits and Coverage Limits
- Individual Accounts: Deposits held in one name are insured up to $100,000.
- Joint Accounts: Deposits held in more than one name are insured up to $100,000 per depositor.
- Registered Accounts: Deposits held in Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs), Registered Education Savings Plans (RESPs), and Registered Disability Savings Plans (RDSPs) are fully insured with no maximum limit.
- Trust Accounts: Deposits held in trust are insured up to $100,000 per beneficiary, subject to specific conditions.
How to Maximize Your CDIC Coverage
To ensure full protection of your deposits, consider the following strategies:
- Open Multiple Account Types: Utilize different account categories, such as individual and joint accounts, to increase your coverage limits.
- Separate Registered Accounts: Hold registered accounts like RRSPs, TFSAs, and RESPs separately to take advantage of unlimited coverage for each account type.
- Beneficiary Designations: For trust accounts, designate beneficiaries to qualify for separate coverage per beneficiary.
What Is Not Covered by CDIC
While CDIC provides comprehensive coverage, certain items are excluded:
- Foreign Currency Deposits: Deposits held in foreign currencies are not insured.
- Mutual Funds and Stocks: Investments in mutual funds, stocks, and other market-linked products are not covered.
- Government and Corporate Bonds: Bonds issued by governments or corporations are excluded from coverage.
If you want to find more information about what investing products are eligible for deposit insurance, please call 1-800-461 (2342).