Is my money safe if my bank goes bust?

Knowing which types of deposits are eligible for up to $100,000 of coverage is tricky. Luckily there’s an app for that!

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From the February/March 2014 issue of the magazine.

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The Canada Deposit Insurance Corporation (CDIC) “Estimator” app is a new tool that helps you calculate how much of your assets are protected. The CDIC is a federal Crown corporation that safeguards Canadians’ savings in case a bank fails. But not all financial institutions fall under CDIC protection, and knowing which types of deposits are eligible for up to $100,000 of coverage is tricky. After asking a series of questions, the app tells you how much deposit insurance you have, and provides an explanation if coverage is denied. The free app is available in Apple, Android, BlackBerry and Windows stores.

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