Protecting the savings of Canadians
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created to protect your deposits with member financial institutions in case of their failure. Concentra Bank and Concentra Trust are each member institutions of CDIC. We encourage you to learn about CDIC protection by visiting CDIC’s website cdic.ca.
We also do business under our trade names:
- Wyth Financial is a trade name of Concentra Bank
- Wyth Trust is a trade name of Concentra Trust
Deposit insurance eligibility is subject to maximum coverage limitations, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits," and provided such deposits are payable in Canada. Eligible deposits held in each of Concentra Bank and Concentra Trust are protected separately.
Wyth Financial is a trade name of Concentra Bank, which is a member of CDIC. Deposits made under Wyth Financial and Concentra Bank are aggregately eligible for CDIC protection up to $100,000 per category, per depositor.
Wyth Trust is a trade name of Concentra Trust, which is a member of CDIC. Deposits made under Wyth Trust and Concentra Trust are aggregately eligible for CDIC protection up to $100,000 per category, per depositor.
Please see the “Eligible Products” lists below for a complete listing of Concentra’s products eligible for CDIC coverage.
How the sale of Wyth to Equitable Bank would affect CDIC coverage
What happens to my CDIC coverage right now?
Both Concentra Bank (trade name Wyth Financial) and Equitable Bank are separate members of CDIC. The CDIC coverage you have currently with Concentra Bank has not changed with the recent announcement that Equitable is purchasing Concentra Bank. From the time of the announcement until the close of the deal this continues to be true. Once the deal closes, coverage details will change.
What happens to my CDIC coverage once the deal closes?
If two or more CDIC member institutions amalgamate—for example, if Equitable Bank purchases Concentra Bank—then insured deposits made at each institution before the amalgamation continue to be insured separately up to $100,000 per depositor, per category for a period of two years, or in the case of a term deposit with a remaining term exceeding two years, to the maturity of the term deposit. The amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature (or are redeemed).
What happens to deposits held in my Neo Money Account?
Deposits held in Neo Money accounts are held by Concentra Bank and are combined with other eligible deposits that are held at Concentra Bank, like your Concentra HISA or GICs.
What happens to my CDIC coverage on new deposits made after the amalgamation?
Coverage with respect to any deposits made with the entity that results from the amalgamation depends on the aggregate volume of the deposits you made at the institutions before they amalgamated.
- If your existing deposits add up to a total of less than $100,000, any new eligible deposits you make at the amalgamated institution will be added to those previous deposits, and the total will be insured to a maximum of $100,000.
- If your existing deposits (i.e., the sum of deposits you had with the entities immediately prior to the amalgamation) add up to a total of $100,000 or more, any new deposits you make at the institution after amalgamation will exceed the $100,000 maximum, so they will not be insured by CDIC.
Additional information on CDIC coverage and insurance categories can be found on CDIC’s website at www.cdic.ca