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 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?
CDIC coverage for the two member institutions is still under review. Once the acquisition closes, details will be shared with Concentra Bank customers, including any changes to your CDIC coverage.
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 currently held at Concentra Bank, like your Concentra HISA or GICs.
Additional information on CDIC coverage and insurance categories can be found on CDIC’s website at www.cdic.ca