Deposits held in Neo Chequing, Neo Everyday, Neo Savings, and Neo High-Interest Savings accounts are eligible for Canadian Deposit Insurance Corporation (CDIC) deposit protection.
CDIC deposit protection
Funds up to $100,000 in your Neo Chequing, Neo Everyday, Neo Savings, and Neo High-Interest Savings accounts are eligible for CDIC insurance coverage.
Let’s take a look at a few scenarios to understand CDIC deposit protection.
Scenario 1: One account
If you have a Neo Chequing account and the balance is $200,000, then $100,000 out of the $200,000 is eligible for CDIC deposit protection.
Scenario 2: More than one account
If you have a Neo Chequing account with a balance of $100,000 and a Neo Savings account with a balance of $50,000, then the $100,000 is eligible for CDIC deposit protection.
Note: For information about CDIC deposit insurance, consult the CDIC’s website.
You don’t have to apply for CDIC insurance coverage
When you open a Neo Chequing account or a Neo Savings account, deposits are eligible for CDIC deposit protection.
Maximum funds you can hold
The maximum balance you can maintain in your:
Neo Chequing account: $200,000 each account
Neo Everyday account: $200,000 each account
Neo Savings account: $200,000 across all individual accounts
Neo High-Interest Savings account: $200,000 across all individual accounts
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