Federal Crown corporation Canada Deposit Insurance Corporation (CDIC) has officially announced the launch of their iPhone app, which enables Canadians to easily calculate how much of their savings are protected by insurance, using the app’s estimator tool.
“CDIC deposit insurance is free and automatic and with the help of this app, coverage is easy to estimate,” said CDIC President and CEO Michèle Bourque. “Not only is the app helpful in determining the protection that you already have, it can illustrate ways to maximize your deposit insurance coverage.”
The CDIC automatically covers eligible deposits to a limit of $100,000 per insured category at each member institution which includes various banks, federally regulated credit unions plus loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. Premiums are paid by its financial member institutions and does not receive public funds to operate.
To use the app, users just select their bank, type of deposit (savings, chequing, etc), category (in one name, joint desposit, trust, RRSP, etc), the amount, and then the app will easily share how much is covered by insurance. It’s a pretty simple app to use. If you have too much money (like Wiz Khalifa) you should start a bank.
Click here to download the CDIC Estimator iOS app—it’s free.