The New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) has extended its deposit protection coverage to include more savings products at insured credit unions.
Effective July 1, 2022, members of New Brunswick credit unions insured with NBCUDIC will now receive insurance coverage for their Registered Disability Savings Plans (RDSPs), Registered Education Savings Plans (RESPs) and term deposits for Canadian and foreign currencies with an original term to maturity of more than five years, stated an announcement from the FCNB.
This new coverage is in addition to deposit protection for Registered Retirement Saving Plans (RRSPs), Registered Retirement Income Funds (RRIFs) and Tax-Free Savings Accounts (TFSAs), as well as eligible deposits and deposits held in trust, with a term up to five years. Previously, only deposits in Canadian funds were protected, says the regulator.
The deposit protection insurance covers up to $250,000 for each category of savings product and up to $1,500,000 for a maximum of four savings products.
Insurance coverage for these savings products is only available through credit unions insured by NBCUDIC.
