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CIDC deposit protection for Neo Money accounts

  • Updated

Deposits held in Neo Money™ accounts (including 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 Money accounts (including Neo HISA) are eligible for CDIC insurance coverage.

Let’s take a look into a few scenarios to understand CDIC deposit protection.

Scenario 1: One account

If you have a Neo Money 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 Money account with a balance of $100,000 and a Neo HISA with a balance of $50,000, then the $100,000 is eligible for CDIC deposit protection.

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 Money account or a Neo HISA, deposits are eligible for CDIC deposit protection.

Maximum funds you can hold

The maximum balance you can maintain in your:

  • Neo Money account: $200,000 each account
  • Neo HISA: $200,000 across all individual accounts

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