Deposits held in Neo Money™ accounts (including Neo Everyday and 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 Everyday and Neo High-Interest Savings accounts) 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 Everyday 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 Everyday account with a balance of $100,000 and a Neo High-Interest Savings account 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 Everyday account or a Neo High-Interest Savings account, deposits are eligible for CDIC deposit protection.
Maximum funds you can hold
The maximum balance you can maintain in your:
- Neo Everyday account: $200,000 each account
- Neo High-Interest Savings account: $200,000 across all individual accounts