Manulife Bank of Canada and Manulife Trust Company are members of the Canada Deposit Insurance Corporation(CDIC). That means your eligible deposits with us are insured up to a maximum of $100,000 (principal and interest combined) in each of eight categories. The categories – every one of which is separately entitled to up to $100,000 in protection – include:
- Deposits held in one name
- Deposits held in more than one name (e.g., in a joint account)
- Deposits held in an Registered Retirement Savings Plan
- Deposits held in a Tax Free Savings Account
- Deposits held in a Registered Retirement Income Fund
Eligible deposits that we offer include:
Positive balances held in our mortgage accounts – such as Manulife One, Manulife One for Business, and Manulife Bank Select – are also eligible for coverage.
The premiums we pay to the CDIC ensure that you will be reimbursed up to the maximum if a member institution fails. You don’t have to apply for deposit insurance – eligible deposits held with us are automatically protected.
What you must do is keep us up-to-date on the beneficiary information associated with any accounts you hold in trust, at all times. If you are a professional trustee, you may want some or all of your trust accounts identified as professional trustee accounts. To do so, you can complete and return a copy of our Professional Trustee Account Attestation.
Find out if your savings are protected using the CDIC’s Deposit Insurance Estimator. For more information about deposit insurance, visit www.cdic.ca.