Canada Deposit Insurance Corporation (CDIC)
All of our Canadian dollar savings products, like our Investment Savings Account (ISA), Guaranteed Investments (GICs), Business Investment Savings Accounts, Tax-Free Savings Account (TFSA) and RSP Accounts are eligible for Canada Deposit Insurance Corporation (CDIC) insurance.
Maximize your coverage.
The maximum protection for eligible deposits at ING DIRECT is $100,000 per name registration (principal and interest combined).
In addition, CDIC provides separate insurance protection for joint deposits ($100,000 collectively, not per individual), deposits held in RRSPs ($100,000, principal and interest combined), AND TFSA deposits ($100,000, principal and interest combined).
Too keep things simple, below are some examples of how multiple account registrations can help maximize your coverage:
Jane is an ING DIRECT Client and has the following single registrations with us:
Name Registration | Deposit Type | Account Balance |
Jane | Investment Savings Account | $75,000 |
Jane | Guaranteed Investment (GIC) | $25,000 |
Jane | RSP Investment Savings Account | $100,000 |
Jane | Tax-Free Investment Savings Account | $100,000 |
Total Deposits | $300,000 | |
Amount Insured | $300,000 | |
Single registration accounts are eligible for CDIC insurance up to $100,000. Note that Jane's RSP Investment Savings Account counts towards another $100,000 in coverage and her TFSA Account is also covered for $100,000. All of Jane's accounts are insured with CDIC in this example.
John and Mary provide another example of ING DIRECT Clients with the following single accounts, RSP accounts as well as joint accounts with us:
Name Registration | Deposit Type | Account Balance |
Mary | Investment Savings Account | $100,000 |
Mary | RSP Investment Savings Account | $100,000 |
Mary | Tax-Free Investment Savings Account | $100,000 |
John | Tax-Free Guaranteed Investment (GIC) | $100,000 |
John | Guaranteed Investment (GIC) | $100,000 |
John | RSP Guaranteed Investment (GIC) | $100,000 |
Mary & John | Investment Savings Account | $100,000 |
Total Deposits | $700,000 | |
Amount Insured | $700,000 | |
Single account registrations are eligible for CDIC insurance up to $100,000. Joint accounts are also covered for up to $100,000 (collectively with the same name registrations, not per individual). So, in this example, John and Mary have 100% insurance coverage with CDIC.
All amounts include principal and interest.
To maximize your CDIC coverage, call us at 1-800 ING DIRECT.
Deposit register
ING Bank of Canada - Member of the Canada Deposit Insurance Corporation
The following instruments and/or products are eligible for deposit insurance from the Canada Deposit Insurance Corporation, subject always to maximum coverage limitations as outlined in their brochure "Protecting Your Deposits" and provided they are in Canadian funds, are payable in Canada, and have a term of no more than 5 years:
- ING DIRECT Investment Savings Account
- ING DIRECT RSP Investment Savings Account
- ING DIRECT Tax-Free Investment Savings Account
- ING DIRECT Children's Savings Account
- ING DIRECT Business Investment Savings Account
- ING DIRECT Guaranteed Investment
- ING DIRECT RSP Guaranteed Investment
- ING DIRECT Tax-Free Guaranteed Investment
For further information, visit the Canada Deposit Insurance Corporation web site or call:
ING DIRECT is a member of the following industry associations: The Canadian Payments Association, Interac®, Association MasterCard® International, and Maestro International. Given the exacting standards of reliability and security required to carry names like Maestro and Interac on our ING DIRECT card, you should feel confident that your money is in good hands.
