Banking
Canada — Banking: Online Banks
Canada's digital banks include EQ Bank (a trade name of Equitable Bank), Tangerine and Simplii Financial (a CIBC brand), all of which appear on the CDIC list of member institutions. CDIC insurance is free and automatic, and each deposit category is insured separately up to $100,000, including principal and interest. Because trade names are grouped under their parent institution, EQ Bank and Equitable Bank deposits share one limit, as do Simplii and CIBC. Always confirm with the provider which products are covered.
VerifiedGovernment / official sourceCanada Deposit Insurance Corporation (CDIC)Last reviewed: 2026-10-23
Key facts
- CDIC deposit insurance is free and automatic for deposits at member institutions.
- Each deposit category is insured separately, up to $100,000 including principal and interest.
- EQ Bank is a trade name of Equitable Bank, Tangerine is its own CDIC member (Tangerine Bank), and Simplii Financial is a CIBC brand; deposits under the same member share one insured limit.
- Confirm with each provider which accounts and products are actually covered.
Common mistakes
- Assuming deposits at EQ Bank and Equitable Bank, or at Simplii and CIBC, are insured separately — they share one limit per category.