Keeping it safe!

Recently, I have had a lot of questions about the safety of investments and term deposits. Deposit insurance is available for qualifying deposits.

Banks, Trust Companies and Mortgage and Loan Companies must be members of the Canadian Deposit Insurance Corporation (CDIC) or Credit Union Depositor Protection Programs (CUDIC). Deposits are insured up to $100,000 with banks and trust companies as well as BC provincial credit unions.

Life Insurance Companies are members of Assuris (, which insure deposits up to $60,000.

Published listings of these member institutions may change from time to time due to corporate name changes, buy-outs or amalgamations.

There are limits to insurance protection and not all deposits are insured. Certain terms and conditions may apply. For example, the maximum deposit term covered by CDIC is five years; there is no such limitation under Assuris. For detailed information on deposit insurance coverage contact your financial institution or deposit broker.

To find out how you can invest safely and with additional financial institutions, you can contact each institution and find someone to deal with, or you can call a deposit broker, which deals with most banks, trust companies, and insurance companies. Contact the Federation of Canadian deposit brokers ( for more information.

Deposit Brokers are independent retailers of financial products and services specializing in “guaranteed” investment products such as GICs, term deposits, and Canadian Savings Bonds. They work diligently to provide you with the best, independent advice on information affecting your investment needs.

A deposit broker maintains daily information on current interest rates, helps you achieve the best possible return on your deposit investment, provides consolidated reports of all of your deposits at all institutions and works on your behalf to find the best investment available from all financial institutions including trust companies, major Canadian banks, BC credit unions, and life insurance companies. And best of all, there is no fee for this service! You get the best rate without any additional fees. You can get the best rates and widest selection of investment options at no cost to you by using the services of a Deposit Broker.

Deposit Brokers have access to large volumes, deposit product selections. Financial Institutions use the Deposit Brokerage channel to offer these deals, which can then be offered to investors efficiently and at top returns, completely free of fees or commission. A Deposit Broker receives compensation directly from the financial institution.

So why can deposit brokers offer higher rates than other financial institutions or advisors? Deposit Brokers receive daily information on current interest rates and current product availability from financial institutions all across the country. The demand, volume, and availability of product varies daily, and by the institution, creating opportunities for better rates. These can be best accessed by a Deposit Broker working daily to understand the investor’s needs and the best possible product solutions.

Retirees on Vancouver Island like deposit brokers because of ease of convenience, consolidation of investments on one statement while diversifying through different institutions. In addition, they find great rates on their deposits and most importantly, keeping their money safe.

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