• Deposit Insurance

DEPOSIT INSURANCE

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Whether you've got account deposits, term deposits, GICs or other foreign currency deposits, Island Savings provides a 100% guarantee on deposits through the Credit Union Deposit Insurance Corporation.

The protection applies to all money on deposit in personal and business accounts, including:

  • Chequing accounts
  • Savings accounts
  • Term deposits & GICs
  • Foreign currency deposits
  • Registered & tax-free savings accounts

Plus, accrued interest on deposits is also 100% guaranteed.

For further details on CUDIC and deposit insurance, feel free to contact us. Or, you can visit the CUDIC website for more information.

Members of First West Credit Union will vote between November 1, 2021 and November 21, 2021 on whether to authorize First West to apply to become a federal credit union under the Bank Act. If First West becomes a federal credit union, it will automatically become a member of the Canada Deposit Insurance Corporation (CDIC) and Credit Union Deposit Insurance Corporation of British Columbia deposit insurance will no longer apply. See attached Notice for further detail on what this change means to your deposits with First West.

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